La Earnings season is in full swing on Wall Street: after i Goldman Sachs's accounts from yesterday The results arrived today JP Morgan Chase, Wells Fargo e Citigroup, while Bank of America and Morgan Stanley are expected in the next few hours tomorrow. This situation comes amid a still complex market environment, with lowered expectations of rate cuts, energy-related inflationary pressures, and geopolitical tensions maintaining high volatility. In this scenario, trading activities remain the main driver of banking revenues, thanks to the sharp fluctuations in stocks, bonds, and commodities that are reshaping the sector's balance, at least in the short term.
Despite a positive quarterly report, JP Morgan Chase shares fell 0,8% after lowering its net interest margin estimates. Wells Fargo, on the other hand, fell 4,2% following below-expected results. Citigroup bucked the trend, rising 1%.
J.P. Morgan's 2026 quarterly results: Earnings beat expectations and revenues record.
JP Morgan Chase opened the season with solid quarterly results, but with a cautious note on the future. In the first quarter of 2026, the net profit rose to 16,49 billion dollars (+13%) and revenues at 50,54 billion (+10%), both above expectations. net interest margin managed reached 25,48 billion (+9%), while earnings per share stood at 5,94 dollars. The markets contributed very strongly, with Ficc trading at 7,08 billion (+21%) and equities at 4,48 billion, whileinvestment banking grew to 3,14 billion (+38%), driven above all byAdvisory (+82%). In parallel, the bank revised its I lowered my guidance on net interest income Net debt for 2026 is now expected to be around $103 billion (from $104,5 billion and below the consensus of $104,15 billion), while confirming other estimates on costs and core activities. Loans remained at $1.500 trillion and deposits rose to $2.680 trillion, with credit quality still under control. The CEO Jamie Dimon He highlighted the strength of the US economy, while drawing attention to growing risks related to geopolitics, energy, trade, and high levels of global deficits.
Wells Fargo reports first-quarter growth in interest and trading.
Wells Fargo disappoints in the first quarter of 2026: theNet income rose to $5,25 billion (from $4,89 billion), while revenues they reached 21,45 billion, under the expectations of the consensus. The net interest margin Net income rose 5% to $12,10 billion, but fell short of the $12,27 billion forecast, while earnings per share stood at $1,60. Net interest margin fell to 2,47% versus the expected 2,57%. On the operating front, loans and deposits were better than expected, at $996 billion and $1.420 trillion, respectively, but were not enough to offset the pressure on margins. Market assets grew 19%, contributing only partially to the top line. Credit quality remained stable, with net losses in line with expectations, while provisions were slightly higher and impaired assets increased to $8,77 billion. On the balance sheet, CET1 at 10,3% (slightly below consensus), with profitability solid: ROE at 12,2% and ROCE at 14,5%. The cost/income ratio, at 67%, is higher than expected, a sign of lower operating efficiency.
The bank confirms its annual guidance, with net interest margin expected around 50 billion and costs of approximately 55,7 billion. The CEO Charlie Scharf It highlights the solidity of its credit and strong capital generation, with €4 billion returned to shareholders through buybacks, in an economic context that remains resilient despite volatility and rising energy prices.
Citigroup's 2026 quarterly earnings and EPS exceeded expectations.
Citigroup instead highlighted a two-speed dynamic, with a strong contribution from market activities and a weaker banking sector. In the first quarter the revenues rose to 24,63 billion dollars (+14%), the highest in over ten years, while theNet income jumped to 5,8 billion (+42%). Earnings per share reached 3,06 dollars (+56%), with a profitability (Rotce) at 13,1%. Trading was the strong point, with Markets revenues at €7,25 billion (+19%), driven by equities (+39%) and fixed income (+13%). Banking was weaker, at €1,77 billion, despite a positive contribution from investment banking of €1,33 billion. In the quarter, Citigroup also bought back $6,3 billion in shares, while the net interest margin stood at 15,74 billion, above expectations. The bank continues to aim for a net interest margin growth of 5–6% in 2026 (excluding the markets division), confirming the industrial transformation path led by management.
