Multiple Wall Street banks have raised their full-year spending targets, with the main reason being their own actions.

The cost of the U.S. banking industry continues to rise, but a large portion of it is caused by themselves. The three major banks updated their 2024 cost targets on Friday, which were nearly $4 billion higher than at the beginning of the year. The main reasons include regulatory fines, costs from error correction, and higher costs for paying for bank failures last year. JPMorgan's reasons were more positive. The company made a lot of money by investing in Visa and donated $1 billion to charity. With the Fed halting interest rate hikes, the banking industry's largest source of revenue, net interest income, stopped growing. The six largest banks collectively earned a profit of $122 billion last year, but it was lower than in 2021.

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