Wells Fargo reported better than expected first quarter earnings before the bell Friday. Wells Fargo reported its net income rose by more than 30% to nearly $5 billion in the first quarter from a year ago as the bank benefited from higher interest rates, despite building up loan loss reserves $1.2 billion after reducing its provisions by $787 million a year ago. The bank said its net interest income increased 45% on the back of soaring interest rates and Revenue … Continue reading “Wells Fargo Earnings Higher with Net Interest Income Up 45% on Higher Rates”
Big Banks Kick Off First Quarter Earnings Season with Citigroup, JPMorgan, PNC and Wells Fargo
America’s big money center banks kick of first quarter earnings next week. There will be extra attention on them with the recent banking turmoil. Guidance will be keenly watched for from the money center banks. Concerns are rising over the banking sector’s exposure to commercial real estate. JPMorgan Chase (JPM), Citigroup (C), PNC Financial Services Group, Inc. (PNC) and Wells Fargo (WFC) reporting Q1 results on Friday. We got a preview from JPMorgan CEO Dimon saying that banking system is … Continue reading “Big Banks Kick Off First Quarter Earnings Season with Citigroup, JPMorgan, PNC and Wells Fargo”
What to Expect from Wells Fargo Earnings Amid Bank Fallout
Wells Fargo report first quarter earnings before the bell Friday along with three of the largest U.S. lenders, JPMorgan Chase (JPM), Citigroup (C) and PNC. Wall Street expects Wells Fargo earnings will jump 28.% as they were relatively shielded from the banking panic. That said, Wells Fargo continues to be hurt by a variety of legacy regulatory and legal settlements. WFC last quarter set aside another $957 million in provisions for potential credit losses, after reducing its provisions by $452 … Continue reading “What to Expect from Wells Fargo Earnings Amid Bank Fallout”
Federal Reserve Hypotheticals For 2023 Bank Stress Tests have Unemployment at 10%
The Federal Reserve on Thursday released the hypothetical scenarios for its annual bank stress tests. This year, 23 banks will be tested against a severe global recession with heightened stress in both commercial and residential real estate markets, as well as in corporate debt markets. Last year the Fed found all 34 large banks tested remained well above their risk-based minimum capital requirements, and the Fed announced no restrictions relating to dividends and buybacks. These test results will be keenly … Continue reading “Federal Reserve Hypotheticals For 2023 Bank Stress Tests have Unemployment at 10%”
Another Swing and a Miss from Wells Fargo Earnings
Wells Fargo reported disappointing fourth quarter earnings before the bell Friday along with three of the largest U.S. lenders, JPMorgan Chase (JPM), Citigroup (C) and Bank of America (BAC). WFC Net income fell 50% to $2.86 billion, or 67 cents a share, from $5.75 billion, or $1.38 per share, a year ago. Wells Fargo continues to be hurt by a variety of legacy regulatory and legal settlements. WFC also set aside another $957 million in provisions for potential credit losses, … Continue reading “Another Swing and a Miss from Wells Fargo Earnings”
Big Banks Kick Off Fourth Quarter Earnings Season with Citigroup, JPMorgan, Bank of America and Wells Fargo
America’s big money center banks kick of fourth quarter earnings this week. FactSet expects the ‘Big 7’ to post $28 billion in fourth-quarter profits, which is down 15% from a year earlier. JPMorgan Chase (JPM), Citigroup (C) and Bank of America (BAC). and Wells Fargo (WFC) reporting Q4 results on Friday. Goldman Sachs (GS) and Morgan Stanley (MS) will report next Tuesday January 17 and PNC Financial Services Group, Inc. (PNC) and Charles Schwab Corp (SCHW) on January 18. Truist … Continue reading “Big Banks Kick Off Fourth Quarter Earnings Season with Citigroup, JPMorgan, Bank of America and Wells Fargo”
What to Expect from Wells Fargo Earnings
Wells Fargo report fourth quarter earnings before the bell Friday along with three of the largest U.S. lenders, JPMorgan Chase (JPM), Citigroup (C) and Bank of America (BAC). Last quarter WFC reported better than third quarter earnings, other than an additional $2 billion to resolve a variety of legacy regulatory and legal woes from the costly fallout from scandals. Wells Fargo set aside $784 million in provisions for potential credit losses, more than the $611 million analysts had expected. Wells … Continue reading “What to Expect from Wells Fargo Earnings”
JPMorgan Benefitting from Fed Rate Hikes with Record Quarterly Net Interest Income
JPMorgan Chase, America’s largest bank kicked off the banking sector’s third quarter earnings season on Friday before the market opened. Federal Reserve’s interest-rate hikes helped $JPM report its highest quarterly net interest income ever. The bank raised its guidance for the year on consumer strength though the bank recognized a $959 million net investment securities loss, which “reflected higher net losses on sales of U.S. Treasuries and mortgage-backed securities”. Investment-banking fees were down sharply again as expected. JPM added net interest … Continue reading “JPMorgan Benefitting from Fed Rate Hikes with Record Quarterly Net Interest Income”
Wells Fargo Earnings Again Hit by Regulatory Charges with Another $2 Billion in Fines
Wells Fargo reported better than third quarter earnings before the bell Friday, other than an additional $2 billion to resolve a variety of legacy regulatory and legal woes from the costly fallout from scandals. Wells Fargo set aside $784 million in provisions for potential credit losses, more than the $611 million analysts had expected. Reporting also this week were JPMorgan Chase (JPM) PNC Bank (PNC), Morgan Stanley MS and Citibank (C) along with BlackRock (BLK). Wells Fargo Q3 Earnings Q3 … Continue reading “Wells Fargo Earnings Again Hit by Regulatory Charges with Another $2 Billion in Fines”
Citigroup Earnings Boosted by Inflation Spiked Credit Card Revenue
Citigroup ($C) reported stronger than expected third quarter earnings Friday before the market opened. The gains came from US personal banking with double digit revenue growth in both of our cards businesses CEO Jane Fraser said. Second quarter earnings topped analysts’ estimates even though they saw a 46% drop in profit. Citi saw revenue drop in investment banking 46%, mirroring declines seen at JPMorgan Chase and Morgan Stanley releases yesterday. Citigroup’s shares are down 33% year-to-date and are down 41% … Continue reading “Citigroup Earnings Boosted by Inflation Spiked Credit Card Revenue”