Live Earnings Analysis: JPMorgan (JPM), Goldman Sachs (GS), Wells Fargo (WFC) and Other Banks Report

The list of banks reporting this morning is long. Here’s a snapshot of some of the major banking companies issuing earnings:

• JPMorgan Chase (NYSE: JPM | JPM Price Prediction)
• Wells Fargo (NYSE: WFC) 
• BlackRock (NYSE: BLK) 
• Citigroup (NYSE: C) 
• Goldman Sachs (NYSE: GS)
• BNY Mellon (NYSE: BK) 

Let’s look at the highlights of each earnings report and how the market is reacting. We will update this article throughout the day as Wall Street reactions come in and banking stocks continue to move. 

JPMorgan Earnings 

Another year, and another new record for JPMorgan Chase. The company is currently up about 1% in premarket trading as of 8 a.m. ET. 

The highlight is revenue up 10% year-over-year. Here are some of their most important financials:

• Revenue of $43.74 billion (Estimates $41.7 billion)
• EPS of $4.81 (Estimates of $4.11) 
• Commercial & Investment Banking Revenue Up 18% year-over-year

The highlight of JPMorgan’s earnings is the EPS number, which is up 58% year-over-year. 

Jaime Dimon highlighted client asset inflows into their wealth management and payments revenues – saying the economy is “resilient.”

As we’ll see in other earnings, EPS numbers are beating by a significant amount at many banks, but JPMorgan’s revenue number stands out. 

Wells Fargo Earnings 

Wells Fargo is up 3% in premarket trading after announcing its own earnings. Net income rose by an impressive 66% from last year. 

• Revenue of $20.38 billion (misses estimates of $20.59 billion) 
• EPS of $1.43 (estimates of $1.34) 

In their conference call, Wells Fargo CEO Carles Scharf called out net checking accounts as an area of strength. 

However, the company also noted that while the economy is on firm footing, consumer confidence hasn’t led to an increase in borrowing. 

Goldman Sachs Earnings

Goldman Sachs beat Wall Street estimates across the board and is up 2.35% in premarket trading. 

• Revenue of $13.87 billion (versus estimates of $12.37 billion) 
• EPS of $11.95 (versus estimates of $8.22) 
• Global Banking & Markets revenue up 33% from last year driven by trading revenues. 

Like other banks reporting this morning, Net Interest Income was strong, coming in at $2.35 billion, which was above Wall Street estimates. 

Citigroup Earnings

Finally, let’s check in on Citigroup’s earnings. The company is seeing the strongest share price reaction in premarket trading, up nearly 4%. The story at Citigroup is the same as most other major banks: a big EPS beat. 

• Revenue of $19.58 billion (versus estimates of $19.45 billion)
• EPS of $1.34 (versus estimates of $1.22) 
• Declared a $20 billion share buyback program 

Overall, it was a solid quarter for Citigroup. The company saw sales beat on Fixed Income and Equity trading, Investment Banking, and Markets. 

Next year Net Interest Income (NII) should slow, but the company’s outlook of $84 billion in 2025 sales still topped estimates of $83.2 billion. 

Come back to this page throughout the day as we’ll update as prices move and Wall Street weighs in with upgrades and downgrades.