The company, which announced earlierrnthis month that hackers had gained access to information on 76 millionrnindividual customers and 7 million small businesses, will beef up its budget forrncyber security.  Dimon said that increasesrnover the next five years will probably double its current $250 million inrnexpenditures. </p

Citigroup said its adjusted profit whichrnit derives by eliminating one-time items was $3.67 billion or $1.15 perrnshare.  This was also higher than that ofrna year ago when, adjusted profits were $3.23 billion or $1 per share.  Revenue rose 9 percent to $19.6 billion fromrn$17.9 billion.</p

Citigroup’srnreport of increased profits was overshadowed by its announcement it planned tornexit consumer banking in 11 countries including Japan and Egypt as well asrnseven countries in South and Central America. rnThe bank operates in more than 160 countries and jurisdictions with morernthan 200 million customer accounts. </p

Wells Fargo, which is the nation’s largest mortgage lender reported overallrnrevenue up 3.6 percent to $21.21 billion from $20.48 billion a year ago saidrnthe increase in profitability was due in part to improving numbers in thatrnmortgage business. Rising rates caused an end to the refinancing boom in thernsummer of 2013 and led to a four-quarter drop in mortgage banking income.  However, that income rose 2 percent to $1.63rnbillion in the most recent quarter even as the volume of new home loans decreasedrnby 40 percent.  The difference, the bankrnsaid, was bigger profits from the secondary market.  </p

Wells Fargo’s loan portfolio grew torn$838.9 billion in the quarter from the same period a year earlier, a gain of byrn3.7 percent.  This was driven by a 13rnpercent increase in commercial and industrial loans.

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