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JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and Goldman Sachs all reported earnings Tuesday that beat expectations
The banks also reported strong revenue from equities trading
Three CEOs weighed in on the state of the consumer and discussed how they’re thinking about artificial intelligence
JPMorgan CEO Jamie Dimon said all of the company’s major businesses posted record revenue last quarter. He added that the “U.S. economy has demonstrated notable resiliency this year, with stronger business investment and hiring.”
Dimon said artificial intelligence has helped the bank cut up to 40% of jobs in certain roles, though he noted that most of those people were offered positions elsewhere in the company
JPMorgan stock was up more than 2% in early trading
Bank of America CEO Brian Moynihan, meanwhile, said it was one of the strongest quarters to date for his company. “Every business segment reported double digit net income growth and strong returns on equity,” he said
He told CNBC that it’s up to management teams to mitigate the impact from AI job losses
Goldman Sachs CEO David Solomon said the bank’s deals backlog is at the highest level in five years, which bodes well for revenue in future quarters
Solomon also said he sees AI as a transformational technology that enhances talent rather than replacing people
Goldman Sachs stock rose more than 7% in early trading
- Investment banking fees saw huge gains across the banks
- Jamie Dimon says AI has helped JPMorgan cut up to 40% of jobs in certain roles
- JPMorgan guidance keeps climbing
- Wells Fargo CFO says consumers have been resilient
- Bank of America CEO tells CNBC that markets-related business led to growth
- Here’s what helped lift Goldman Sachs
- Citigroup reports best quarterly revenue in a decade
- It’s unusual for five megabanks to all report on the same morning
8 Min Ago
Citigroup CEO says AI is ‘tailwind’ in the U.S
Citigroup CEO Jane Fraser leaves following a meeting with members of the Senate Banking Committee at the U.S. Capitol Visitors Center on Dec. 11, 2025 in Washington, DC.
Chip Somodevilla | Getty Images
Citigroup CEO Jane Fraser said on a call with analysts that growth in the U.S. is roughly where it was a year ago, with the labor market remaining stable
“But, it’s a nuanced story because that growth is not lifting all boats,” she said. “The extraordinary investment in AI and its supporting cast of semiconductors, data centers and related infrastructure is providing a tailwind in the U.S. and parts of Asia, while a more vulnerable Europe faces yet another competitive headwind.”
Fraser added that Citigroup still sees “real resiliency” in its corporate clients
— Laya Neelakandan
58 Min Ago
Solomon says AI should enhance, not replace people
Goldman Sachs CEO David Solomon said he sees AI as a transformational technology that enhances talent rather than replacing people
“There has been much debate around the broader implications of AI on the workforce,” he said. “While it will change how work gets done, it will not replace what matters most in driving our business, our extraordinary people.”
He wrote an op-ed in the New York Times earlier this year arguing that the AI “job apocalypse” is overblown
— Hugh Son and Ritika Shah
60 Min Ago
Goldman Sachs CEO says AI infrastructure cycle is still in ‘early innings’
Goldman Sachs CEO David Solomon participates in an Invest America Roundtable in the State Dining Room at the White House, in Washington, June 9, 2025.
Evelyn Hockstein | Reuters
Given the booming Wall Street results we’ve seen today, a key questions analysts have is, how long can it last?
“The environment at the moment remains extremely active with our clients and our expectation …. is certainly that that’s going to continue,” Goldman Sachs CEO David Solomon said
“All the indicators we have is that we are in the relative early innings of a very, very significant” AI buildout cycle, Solomon said
While there will be “bumps” and “recalibrations” along the way, Goldman is investing for a five-year cycle, he added
“We see lots of opportunities to deploy capital to our clients to finance this infrastructure build out,” he said
— Hugh Son, Ritika Shah and Leslie Picker
1 Hour Ago
Moynihan on AI: ‘It’s up to management teams’
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BofA’s Brian Moynihan told CNBC that it’s up to management teams to mitigate the impact from AI job losses
Bank of America hired 2,000 summer interns, he said, as well as 2,000 permanent team members
“This is all about us improving our processes, our productivity,” Moynihan said. “We need to hire almost 1,300 people a month to maintain neutral headcount. So if you watch your hiring and are careful about it, you can actually manage the headcount change pretty easily, like we did for the last 15 years.”
— Laya Neelakandan
1 Hour Ago
Moynihan: ‘Economy is running fine right now’
BofA’s Brian Moynihan told CNBC that he believes the “economy is running fine right now” despite recent rising inflation reports
“You’re seeing it trail down, coming down more slowly than people thought,” he said of inflation. “But it is not kicking back up strongly. It’s trailing down, and as long as it keeps doing that, we don’t think it gets down until into 2028.”
He added that while it remains to be seen whether or not the Federal Reserve will raise rates, it’s “working in the right direction.”
— Laya Neelakandan
1 Hour Ago
BofA’s Moynihan says consumers adjusted to high gas prices
Bank of America CEO Brian Moynihan told CNBC’s “Squawk on the Street” that while soaring gas prices might have affected consumer confidence, leading spending on gas to fall in June, those consumers remain resilient
“Overall, consumers adjusted to that and spent. And if you look at the lower income third of the households, you’re actually seeing the wage growth,” Moynihan told CNBC. “We can see deposits in their accounts is actually going up and catching up to other households, the medium and higher earners. That’s good. So overall, consumers [are] in pretty good shape.”
— Laya Neelakandan
1 Hour Ago
Moynihan says markets-related business led BofA to growth
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Bank of America CEO Brian Moynihan told CNBC’s “Squawk on the Street” that the company’s markets-related business led the bank to growth this quarter
“We feel very good,” he told CNBC
He added that consumer spending was higher in June and July, which creates a strong backdrop for the economy and for Bank of America as it looks ahead
“It’s a very good environment. Investors are invested,” he said
– Laya Neelakandan
2 Hours Ago
Goldman’s deals backlog is highest in 5 years, CEO David Solomon says
David Solomon, CEO Goldman Sachs, speaking on CNBC’s Squawk Box at the World Economic Forum in Davos, Switzerland on Jan. 22nd, 2026.
Oscar Molina | CNBC
Goldman Sachs CEO David Solomon starts off the analyst call today by saying that even with the strong quarter for investment bankers, its deals backlog is at the highest level in five years
That backlog, if converted into closed deals, bodes well for Goldman revenue in future quarters
The firm’s reputation as premier advisors to the C-suite for mergers advice is leading to business in other parts of Goldman, including trading, financing, risk management and wealth management, he said
“We believe there is substantial runway to deepen the connectivity between advisory financing and capital markets, investing and wealth management,” he said
Goldman shares are now up more than 6%
— Hugh Son
2 Hours Ago
Jamie Dimon says AI has helped JPMorgan cut up to 40% of jobs in certain roles
Chairman and CEO of JPMorgan Chase & Co. Jamie Dimon speaks during the special event “Liberty Lights” at the Statue of Liberty to celebrate the 250th anniversary of US independence on Liberty Island in New York City, on July 1, 2026.
Angela Weiss | Afp | Getty Images
Jamie Dimon was asked if the bank was underselling the potential efficiency impact of artificial intelligence
After all the (much smaller) fintech firm Block said in February that it was using AI to help cut about 40% of its workforce, an analyst noted
“We are going to use AI to do a better job for clients. … We fully expect it will have huge efficiency in certain parts of the company,” Dimon said
There are nearly a thousand use cases for AI at the bank, Dimon said, but he highlighted “risk fraud, marketing, hedging, prospecting, note taking, idea generation, document reading” as some of the key areas
“It’s kind of just starting,” Dimon said. “We have had discrete areas where we did reduce jobs by 30% or 40%. And most of those people were offered jobs elsewhere.”
JPMorgan had 320,560 employees at the end of June, which is basically flat from the first quarter
— Hugh Son
2 Hours Ago
Dimon says banking environment is strong and can get better
JPMorgan CEO Jamie Dimon had a terse response to a question about how long the bank’s hot streak will last
“It’s getting close to as good as it gets,” he said of the banking environment. “We just don’t know how long it’s going to last.”
Asked for a follow-up, he said: “I just think we’re in a very healthy, active, exuberant market with very high prices and very high volumes. And we benefit from that. We just don’t know how long it will continue.”
— Leslie Picker and Hugh Son
2 Hours Ago
Dimon is peppered with questions on succession planning after Lake exit
The UBS analyst Erika Najarian was among several to ask JPMorgan CEO Jamie Dimon about his succession plans
The recent announcement of the exit of Marianne Lake, whom several analysts believed was the top CEO candidate, led investors to think that perhaps Dimon wasn’t planning on leaving anytime soon, Najarian said
Dimon said that his timing is “essentially the same” and is “completely up to the board.”
The next JPMorgan CEO will have to be good with people, analytical, detailed, curious, and be able to deal with call center employees and prime ministers alike, he said
Then there are the intangibles: “You want to have heart. You want to have grit. You want to have soul. You have to have work ethic. You want to be able to travel,” Dimon said
“At the end of the day, we’re blessed with a lot of people who are great culture carriers across a broad spectrum,” Dimon said. “No one has all those things in the perfect way. And some of the things you learn and some of those things you get better at.”
— Hugh Son
2 Hours Ago
BofA delivers record client balances
BofA CFO Alastair Borthwick said on a call with analysts that client balances reached a record $4.9 trillion, up 12% from a year ago
“With good expense discipline, we generated another quarter of positive operating leverage and saw pre-tax margins expand to more than 27%, demonstrating the scalability of this business,” he said
— Laya Neelakandan
2 Hours Ago
Dimon talks about executive shakeup
The CEO of Consumer and Community Banking, Marianne Lake poses for portraits at the JP Morgan headquarters in New York City, U.S., July 2, 2024.
Kent Edwards | Reuters
JPMorgan CEO Jamie Dimon spoke on the earnings call about the sudden exit last month of longtime executive Marianne Lake, who had been considered a top candidate to replace him leading the bank
“Marianne is an exceptional individual as a human being, as a leader, and obviously as an executive, but the board made a decision to go ahead with making two co-presidents, which will be preparing them to do far more at the company” he said
Doug Petno and Troy Rohrbaugh, who have jointly led the bank’s commercial and investment banking division since early 2024, were made co-presidents last month
Dimon said that hasn’t changed the timetable for when he plans to step down
“Obviously wish Marianne the best,” he continued. “She decided she when she knew about the plans that she’d rather retire than stay here. So that’s it. No mystery.”
— Ritika Shah
3 Hours Ago
BofA CEO touts AI growth and opportunity
Bank of America CEO Brian Moynihan on a call with analysts touted the growth and opportunities with artificial intelligence as the bank develops more tools
He also said the consumer remains resilient
“Overall, the U.S. economy has proved more durable than expected, supported by the strong consumer, ongoing AI-driven investments across the board and easing energy costs, though inflation and tighter monetary policy remain key risks,” he said
– Laya Neelakandan
3 Hours Ago
JPMorgan cites Iran war turbulence for commodities trading weakness
A man walks on a road while vessels are in the Strait of Hormuz near the beach of Bandar Abbas, Iran, June 30, 2026.
Amirhosein Khorgooi | Reuters
When it comes to one of the only (slight) misses in the quarter — the fixed income trading business JPMorgan cited weakness in commodities
While CFO Jeremy Barnum said that overall, the firm was pleased with its fixed income performance, he did hint that the Iran war turbulence might have weighed on that business
But “on the commodities front, obviously it’s been a very complicated situation in energy and oil, particularly what’s going on in the Strait of Hormuz,” Barnum said
— Hugh Son
3 Hours Ago
BofA begins call with analysts
Bank of America is now holding a conference call with analysts to discuss its second-quarter earnings results. The call is hosted by company executives, including CEO Brian Moynihan
Shares of Bank of America are down slightly
– Laya Neelakandan
3 Hours Ago
Banks are now benefiting from the AI theme, JPMorgan CFO said
In regards to JPMorgan’s massive equities beat, CFO Jeremy Barnum had this to say: “These are booming environments with a ton of activity, big IPOs, big index rebalancing, a lot of activity in Asia.”
“A lot of it is downstream of the AI theme writ large on a global basis, and it’s just a very, very, very active environment,” he continued
AI is “having impacts everywhere in financial markets, and maybe we’re starting to see some if it in the real economy as well,” Barnum said
— Hugh Son
3 Hours Ago
Dimon says global economy has been resilient despite higher oil prices
Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase & Co., speaks during the America Business Forum at Kaseya Center in Miami, Florida, U.S. Nov. 6, 2025.
Marco Bello | Reuters
Jamie Dimon is being asked about the impact of higher oil prices, given the continued strife in the Middle East
“It’s fair to say that the global economy has probably been more resilient than people would have expected, including us,” Dimon said
He cited research saying that energy costs are a fraction of what they were in the 1970s and 1980s, making them less of a factor
“It does not mean there’s not a tipping point” from higher energy costs, Dimon said. “It just may be further out.”
— Hugh Son
3 Hours Ago
JPMorgan CFO says the consumer was ‘a little bit stronger this quarter’
JPMorgan CFO Jeremy Barnum said in a call with reporters that the consumer is the consumer is “maybe slightly better this quarter.”
“Tax refunds have been supportive, and in the end, it’s all about the labor market, and the labor market remains quite resilient,” he said. “So, it’s not a dramatic shift, but at the margin, I would say the consumer is a little bit stronger this quarter.”
— Ritika Shah
3 Hours Ago
Citigroup’s business segment breakdowns
Citigroup reported return on tangible common equity at 13%, down just slightly from 13.1% last quarter. Fixed income markets revenue came in at $4.7 billion, up 7% and just above StreetAccount estimates of $4.67 billion
The bank also reported revenues in its equity markets division of $2.3 billion, a 45% increase. That topped StreetAccount estimates of $1.81 billion
– Laya Neelakandan
3 Hours Ago
Citigroup’s net income rises, driven by higher revenue
Citigroup reported net income of $5.8 billion, up from just $4 billion in the year-ago period. The bank said that growth was driven largely by higher revenue and a lower provision for credit losses, which came in at $2.5 billion, compared with StreetAccount estimates of $2.72 billion
The bank added that its net income growth was partially offset by higher expenses
– Laya Neelakandan
3 Hours Ago
It’s time for the JPM call
Reporters and investors have now turned to the JPMorgan media call, where CEO Jamie Dimon and CFO Jeremy Barnum take questions about the quarter
— Hugh Son
3 Hours Ago
Wells Fargo CFO says consumers have been resilient
Wells Fargo CFO Mike Santomassimo said consumer trends have been very resilient despite volatility with oil prices
“If inflation ends up being much higher than people expect, or rates end up having to go much higher than people expect, driven by whatever reason, including the impacts of oil, then I think that will have some kind of impact on on consumers and the overall economy,” he said in a call with reporters “But we just haven’t seen that start to materialize yet.”
— Ritika Shah
3 Hours Ago
Citigroup reports best quarterly revenue in a decade
Jane Fraser, CEO of Citi, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 1, 2023.
Patrick T. Fallon | AFP | Getty Images
Citigroup reported its best quarterly revenue in a decade today, with double-digit revenue growth for the company and in four out of its five businesses
“Our growing earnings generation will allow us to increase our planned dividend by 12% and we have launched our $30 billion buyback plan,” CEO Jane Fraser said in a statement. “The combination of our investments, disciplined execution and focus on clients is improving our returns and creating more durable results for our investors.”
– Laya Neelakandan
3 Hours Ago
Goldman had one area of weakness
One of the only areas of weakness for Goldman was its Platform Solutions division, where revenue fell 64% to $221 million, slightly below the $246.9 million estimate
Goldman cited markdowns tied to the bank’s Apple Card loan portfolio, a business the firm is selling to JPMorgan Chase after years of difficulties
— Hugh Son
3 Hours Ago
Citi just reported earnings. Here are the numbers
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Citigroup just reported its second-quarter earnings
Here’s what the company reported, compared with what Wall Street analysts surveyed by LSEG were expecting:
- Earnings per share: $3.15 vs. $2.74 expected
- Revenue: $24.77 billion vs. $23.74 billion expected
— Michele Luhn
3 Hours Ago
Here’s what helped lift Goldman Sachs
Taking a step back, Goldman Sachs benefited from nearly every aspect of the Wall Street recovery: Equities trading was the standout, but the return of IPOs, a healthy level of M&A activity, and the rise in value of their private equity holdings all contributed.Goldman shares are up about 1.9% in premarket trading
— Hugh Son
3 Hours Ago
BofA sees ‘resilient’ consumer
BofA CFO Alastair Borthwick told reporters that the bank remains encouraged by the near-term outlook even as geopolitical tensions cause some instability in the broader market
“Consumers remain resilient,” he said. “Always, the biggest risk is what’s going on with the economy, and right now the biggest driver, consumer, is doing really well.”
— Laya Neelakandan
4 Hours Ago
Investment banking fees see massive gains across banks
This quarter saw some of the biggest gains ever for investment banking fees:
Goldman Sachs: up 55% to $3.4 billionJPMorgan: up 30% to $3.3 billionBofA: up 50% to $2.1 billion
But there’s a question as to whether this momentum can continue. Goldman said its backlog has increased relative to last quarter and last year. But the conference calls should yield more details about the pipelines
— Leslie Picker
4 Hours Ago
Goldman investment banking fees soar
Goldman Sachs signage during the DPC Holdings Ltd. initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York, US, on Thursday, June 25, 2026.
Michael Nagle | Bloomberg | Getty Images
Goldman’s investment banking fees jumped 55% from the year earlier to $3.4 billion, or about $610 million higher than the estimate
They cite strength in equity underwriting, thanks to IPOs and secondary offerings, as well as debt issuance
Revenues from advising on mergers also rose, and crucially, the deals backlog increased from this year’s first quarter, which is a good sign for the back half of the year
— Hugh Son
4 Hours Ago
BofA CFO says asset quality remains ‘healthy’
BofA CFO Alastair Borthwick said the bank saw positive signs overall from its investment portfolios
“Consumers also grew average deposits and loans, while asset quality remained healthy and in line with our expectations,” Borthwick said on a call with reporters
He added that consumer investment assets rose nearly 20% from last year
—Laya Neelakandan
4 Hours Ago
BofA CFO says bank’s ‘strategy is working’
On a call with reporters, Bank of America CFO Alastair Borthwick said the bank saw “broad-based” strength in its performance during the quarter
“Our strategy is working, and we are making disciplined investments, growing organically, gaining market share, maintaining strong operating metrics and driving higher levels of growth and profitability,” he said
— Laya Neelakandan
4 Hours Ago
Goldman posts surge in trading division, with equities revenue jumping 72%
A big
Like its rival JPMorgan, equities trading was much stronger than expected, surging 72% to $7.42 billion. That is about $2.3 billion more than the estimate
Fixed income jumped 32% to $4.59 billion, or about $880 million more than expected. Analysts were keen to see how Goldman’s fixed income traders would do after a disappointing first quarter
— Hugh Son
4 Hours Ago
JPMorgan guidance keeps climbing
JPMorgan’s expense outlook continues its upward move
Today, the firm said it would be $107.5 billion
That’s up from the $106 billion that Chairman and CEO Jamie Dimon guided in May, which was up from the $105 billion outlook the company shared during its April earnings report
And that April guidance was above the $101 billion analysts had been expecting toward the end of last year, before the company updated it at a conference in December
– Leslie Picker
4 Hours Ago
Goldman Sachs earnings are out. Here are the numbers
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Goldman Sachs just reported its second-quarter earnings
Here’s what the company reported, compared with what Wall Street analysts surveyed by LSEG were expecting:
- Earnings per share: $20.98 vs. $14.48 expected
- Revenue: $20.34 billion vs. $16.13 billion expected
— Michele Luhn
4 Hours Ago
Wells Fargo CEO gives positive outlook
Charlie Scharf, Chairman and CEO of Wells Fargo, speaks to the Economic Club of New York in New York City, U.S., Oct. 21, 2025.
Eduardo Munoz | Reuters
The positive outlook here from Wells Fargo CEO Charlie Scharf is notable, with the overall environment being strong, leading to growth across operations
“We are clearly benefitting from the broad-based economic strength we see in the U.S.,” he said
He also mentions the lifting of the asset cap the bank was under, a legacy of its regulatory woes under previous leadership, including the fake accounts scandal
— Hugh Son
4 Hours Ago
BofA reports decrease in provision for credit losses
Bank of America reported provision for credit losses of $1.4 billion, down from $1.6 billion in the second quarter of last year but relatively flat compared to last quarter’s report of $1.3 billion
Analysts had expected $1.47 billion in provision for credit losses
– Laya Neelakandan
4 Hours Ago
BofA CEO Brian Moynihan calls Q2 ‘one of our strongest quarters to date’
Bank of America CEO Brian Moynihan said it was a strong quater
“The team delivered one of our strongest quarters to date, with earnings per share up 34% year-over-year. Every business segment reported double digit net income growth and strong returns on equity,” he said in a statement. “Against a healthy economic backdrop, resilient consumers and businesses are turning to Bank of America to spend, borrow and invest.”
– Laya Neelakandan
4 Hours Ago
Bank of America’s revenue was up 15%
Bank of America reported a 15% increase in revenue, net of interest expense, reaching roughly $31.7 billion. The bank said that growth was largely driven by net interest income and investment banking fees, which came in at $2.1 billion, up a significant 50% from the year-ago period
Analysts had been expecting investment banking fees of just $1.86 billion
– Laya Neelakandan
4 Hours Ago
Dimon says economy, business investment have been strong
JPMorgan Chase CEO Jamie Dimon said the U.S. economy has been strong so far in 2026
“The U.S. economy has demonstrated notable resiliency this year, with stronger business investment and hiring,” he said in a statement released with earnings. “This strength is being supported by several tailwinds, including AI-driven capital investment, fiscal stimulus and the benefits of more efficient regulation.”
– Leslie Picker
4 Hours Ago
JPMorgan stock falls
JPMorgan shares are down about 2% in premarket trading. This type of volatility is typical ahead of the earnings call
The bank is set to hold a conference call with analysts at 8:30 a.m. ET
— Hugh Son
4 Hours Ago
Bank of America sees higher net income interest
Bank of America reported net interest income of $16.2 billion, up 9%, driven by global markets activity and higher loan and deposit balances
That was just about in line with StreetAccount consensus expectations of $16.23 billion
– Laya Neelakandan
5 Hours Ago
JPMorgan reports huge equities trading beat
Looking at the JPM line items: The bank reported a massive beat in equities trading, with revenue up 86% to $6 billion, or $2.11 billion more than analysts had expected
It also saw a slight miss in fixed income, which was up 6% to $6.1 billion, just below the $6.22 billion StreetAccount estimate
The culprit there? Lower revenue in commodities (was it oil?)
– Hugh Son
5 Hours Ago
Jamie Dimon says every major business posted record revenue
JPMorgan CEO Jamie Dimon calls out an unusual stat: Every major business posted record revenue last quarter
“Performance was strong across the Firm, and revenue in each line of business hit a new record,” Dimon says
— Hugh Son
5 Hours Ago
Bank of America earnings are out. Here are the numbers
watch now
Bank of America just reported its second-quarter earnings
Here’s what the company reported, compared with what Wall Street analysts surveyed by LSEG were expecting:
- Earnings per share: $1.21 vs. $1.13 expected
- Revenue: $31.7 billion vs. $30.72 billion expected
— Michele Luhn
5 Hours Ago
JPMorgan investment banking fees are up 30% year over year
JPMorgan investment banking fees came in at $3.3 billion, up 30% year over year and beating consensus of $2.82 billion
The stat was about half a billion dollars more than the estimate
JPMorgan calls out “particularly strong performance” in equity underwriting fees, which sounds like the impact of the SpaceX IPO
— Leslie Picker and Hugh Son
5 Hours Ago
JPMorgan earnings jumped 41%
The sense was that JPMorgan was going to beat, but this is something else
JPMorgan earnings jumped 41% to $21.2 billion, though that’s a much more modest 13% when backing out two big one-timers related to $5.6 billion in gains on Visa and other items. Shares aren’t moving that much on the news, up less than 1%
— Hugh Son
5 Hours Ago
JPMorgan Chase earnings are out. Here are the numbers
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JPMorgan Chase just reported its second-quarter earnings
Here’s what the company reported, compared with what Wall Street analysts surveyed by LSEG were expecting:
- Earnings per share: $6.14 per share, excluding significant items. It wasn’t clear if that was comparable to the $5.85 expected
- Revenue: $58.02 billion vs. $50.19 billion expected
— Michele Luhn
— Clarification: This post has been updated to reflect that it wasn’t immediately clear if the EPS could be compared to estimates
5 Hours Ago
Wells Fargo just reported earnings. Here are the numbers
watch now
Wells Fargo just reported its second-quarter earnings
Here’s what the company reported, compared with what Wall Street analysts surveyed by LSEG were expecting:
- Earnings per share: $2.00 vs. $1.72 expected
- Revenue: $22.62 billion vs. $21.84 billion expected
— Michele Luhn
5 Hours Ago
The Iran war wild card: ‘Real stress on the consumer’
This frame grab taken from AFPTV video footage on July 12, 2026 shows a cargo ship anchoring near the Strait of Hormuz off the eastern coast of the United Arab Emirates at Khor Fakkan.
– | Afp | Getty Images
One thing analysts will likely ask bank CEOs about is the impact of the return to fighting in the Iran-U.S. conflict
So far, banks are expected to have benefited from elevated trading revenue thanks to volatility caused by the Iran war, but they have largely avoided the drag of higher consumer defaults or penny pinching caused by higher fuel and food prices
That could change if the conflict continues and the Strait of Hormuz, a key passage for a chunk of the world’s fuel and fertilizer, becomes impassable. Higher inflation would hit consumers and also increase the odds the Federal Reserve will have to raise interest rates
“If there’s a surprise on inflation, or oil rises to $130 or $140 a barrel, that’s a real stress on the consumer,” said KBW analyst Chris McGratty
— Hugh Son
5 Hours Ago
The breakdown of segment revenues expected for Citigroup
According to estimates from StreetAccount, Citigroup is expected to report $4.67 billion in revenue in its fixed income division. Last quarter, that division was one of the largest drivers of its first-quarter beat
The bank is also expected to report $1.81 billion in revenue in equity markets and $1.78 billion in revenue in banking overall
Wall Street is expecting Citi to report $2.32 billion in net credit losses
—Laya Neelakandan
5 Hours Ago
Citi has historically beaten Wall Street expectations
Citi has historically surpassed expectations
According to StreetAccount, Citi’s revenue and earnings per share have both beaten the consensus estimates in 18 of the past 20 quarters
—Laya Neelakandan
5 Hours Ago
Here’s what to expect from Citigroup
Dado Ruvic | Reuters
Citigroup is set to report its second-quarter earnings results before the bell on Tuesday. Here’s what the bank is expected to post, based on a survey of analysts by LSEG:
- Earnings per share:$2.74 expected
- Revenue: $23.74 billion expected
Company executives are scheduled to hold a call with analysts to discuss results at 11 a.m. ET
—Laya Neelakandan
5 Hours Ago
Boom times for Wall Street’s investment bankers and traders
Traders work on the floor of the New York Stock Exchange during morning trading on July 08, 2026 in New York City.
Michael M. Santiago | Getty Images
Buoyed by the SpaceX IPO and other deals, investment bankers are expected to have closed the books on a great quarter last month
But Wall Street’s risk-taking traders are also expected to have done well in the period as geopolitical unrest including the Iran war stoked volatility across asset classes
Investment banking revenue for the group could surge 26% from a year ago, while trading revenue could jump 14%
Gains in trading are expected to come from equities desks as stock markets climbed in the second quarter, and fixed income traders may have benefited from volatility in oil, currencies and interest rates
JPMorgan, for instance, is expected to post $10.1 billion in second-quarter trading revenue. If it manages to top the$11.6 billion it made earlier this year, that would mark a record
It’s the latest evidence that banks are doing a better job of managing risk than in the years before the 2008 financial crisis, when firms would periodically report large trading losses
“Banks are doing a good job these days of capturing the upside of volatility,” McGratty said
Read the full story here
— Hugh Son
5 Hours Ago
Here’s what to expect from Goldman Sachs
David Solomon, CEO Goldman Sachs, speaking on CNBC’s Squawk Box at the World Economic Forum in Davos, Switzerland on Jan. 22nd, 2026.
Oscar Molina | CNBC
Goldman Sachs, led by CEO David Solomon, is expected to be one of the big beneficiaries of boom times for both investment bankers and traders
Here’s what Wall Street expects:
- Earnings per share: $14.48, according to LSEG
- Revenue: $16.13 billion, according to LSEG
- Trading revenue: fixed income of $3.71 billion, equities of $5.11 billion, according to StreetAccount
- Investing banking fees: $2.79 billion, according to StreetAccount
Company executives will hold a conference call with analysts at 9:30 a.m. ET
— Hugh Son
5 Hours Ago
Wall Street’s SpaceX bonanza: Just how much did they make?
SpaceX celebrates their IPO at the Nasdaq on June 12th, 2026.
Adam Jeffery | CNBC
Investment bankers were paid $500 million for the privilege of taking SpaceX public last month, with leads Goldman Sachs and Morgan Stanley getting the biggest shares at about $100 million each
But that’s just part of the bonanza in fees from the largest IPO in history
There was also the investment grade debt offering that many of the same banks handled days after the IPO, and the possibility of managing the wealth of newly minted millionaires and billionaires
On top of that, Goldman and Morgan Stanley likely reaped so-called soft dollars from the SpaceX initial public offering, according to Jay Ritter, professor emeritus of finance at the University of Florida’s Warrington College of Business
That’s a term for fees, paid in the form of trading or research commissions, that hedge funds give investment banks for a slice of an oversubscribed IPO, Ritter said
Still, while executives will almost certainly speak to the pipeline of future deals they expect the rest of the year, Wells Fargo analyst Mike Mayo doesn’t expect a lot of detail on just how much revenue came from SpaceX
“I don’t expect any granularity around any one specific IPO,” Mayo told CNBC
Read the full story here
— Hugh Son
6 Hours Ago
The revenue breakdowns analysts are expecting from Bank of America
Bank of America is expected to report revenue in its investment banking division of $1.86 billion
Analysts are also expecting the bank to report equities trading reaching $2.77 billion. Net interest income, which is the metric for making loans, is projected to come in at $16.23 billion
— Laya Neelakandan
6 Hours Ago
Here’s what Bank of America is expected to report
Exterior view of a Bank of America branch on March 30, 2026 in Hanover, Maryland.
Heather Diehl | Getty Images
Bank of America is set to report its second-quarter earnings results before the bell Tuesday. Here’s what the company is expected to post, based on a survey of analysts by LSEG:
- Earnings per share:$1.13 expected
- Revenue:$30.72 billion expected
Company executives will hold a conference call with analysts at 8:30 a.m. ET
—Laya Neelakandan
6 Hours Ago
Here’s what analysts are expecting from Wells Fargo
Wells Fargo & Company Chairman and CEO Charlie Scharf is interviewed during an Economic Club of Washington luncheon at the Westin hotel on April 20, 2026 in Washington, DC.
Chip Somodevilla | Getty Images
Wells Fargo, led by CEO Charlie Scharf, is scheduled to report second-quarter earnings before the opening bell Tuesday
Analysts are looking for signs of business momentum after the Federal Reserve lifted a balance sheet restriction on the bank last year
Here’s what Wall Street expects:
- Earnings per share: $1.72, according to LSEG
- Revenue: $21.84 billion, according to LSEG
- Net interest income: $12.39 billion, according to StreetAccount
- Provision for credit losses: $1.2 billion, according to StreetAccount
Company executives will hold a conference call with analysts at 10 a.m. ET
— Hugh Son
6 Hours Ago
Wall Street’s longest running saga: The race to succeed JPMorgan CEO Jamie Dimon
Co-CEOs of Commercial & Investment Bank at JPMorganChase, Troy Rohrbaugh and Douglas Petno.
Courtesy: JPMorganChase
This will be the first chance that analysts have to directly ask JPMorgan CEO Jamie Dimon questions about succession planning after the sudden exit of Marianne Lake, who had been considered a top candidate
As CNBC and others reported last month, Dimon expects to remain CEO for roughly three more years, though that timeline could change, according to two people with knowledge of his thinking. After that, he’ll spend some time as chairman
Since Dimon has spent more than a decade saying that retirement was five years away, analysts will want to quiz him on how he’s thinking about the issue
Meanwhile, Doug Petno and Troy Rohrbaugh, who have jointly led the bank’s commercial and investment banking division since early 2024, are now the top contenders to succeed Dimon
They were made co-presidents and were each awarded $30 million retention bonuses last month
— Hugh Son
6 Hours Ago
Here’s what analysts are expecting from JPMorgan
Jamie Dimon, CEO of JPMorgan Chase, departs the Capitol in Washington, Feb. 25, 2026.
Graeme Sloan | Bloomberg | Getty Images
JPMorgan Chase is scheduled to report second-quarter earnings before the opening bell Tuesday
JPMorgan, led by longtime CEO Jamie Dimon, is the biggest U.S. bank by assets and the largest in the world by market capitalization
Here’s what Wall Street expects:
- Earnings per share: $5.85 according to LSEG
- Revenue: $50.19 billion, according to LSEG
- Investment banking fees: $2.82 billion, according to StreetAccount
- Trading revenue: Fixed income of $6.22 billion, equities of $3.89 billion, according to StreetAccount
Company executives will hold a conference call with analysts at 8:30 a.m. ET
— Hugh Son
6 Hours Ago
Five megabanks posting earnings on the same day? ‘It’s never happened before’
(L-R) Charles Scharf, CEO and President of Wells Fargo and Company; Brian Thomas Moynihan, Chairman and CEO of Bank of America; Jamie Dimon, Chairman and CEO of JPMorgan Chase; Jane Fraser, CEO of Citigroup; Ronald O’Hanley, CEO of State Street; Robin Vince, CEO of BNY Mellon; David Solomon, CEO of Goldman Sachs; and James Gorman, CEO of Morgan Stanley, testify during a Senate Banking Committee hearing at the Hart Senate Office Building on December 06, 2023 in Washington, DC.
Win Mcnamee | Getty Images
For more than four decades, Portales Partners analyst Charles Peabody has covered bank earnings
In all that time, there’s never been a bank earnings day as crowded as today, he said
Oftentimes, JPMorgan, Citigroup and Wells Fargo will report on the first day of earnings week, followed by Bank of America, Goldman Sachs and Morgan Stanley on subsequent days, he said
His theory: banks are rushing to disclose robust earnings
“It’s never happened before,” Peabody told CNBC. “You’re assuming there’s going to be really good news out of those banks” that pushed their earnings dates ahead
Still, it doesn’t make the job of covering banks any easier
“You’re not going to get a lot of deep analysis on Day 1,” Peabody said. “We’ll need more time.”
— Hugh Son
