Not a revenue-shocker (they were up even from stimulus-miracle a year ago), but a cost-shocker. Unable to pass on all the cost increases, their margins got squeezed.
Credit card balances up 3.0% from 2019, CPI inflation up 13%, LOL. Auto sales plunged, but auto loans jumped. You guessed it, ridiculous price increases.
The ECB created the greatest corporate bond bubble ever. Now junk bonds get crushed, yields already doubled, set to double again, and again, cleansing out the zombies.
