WFC - Major Money Center Bank Earnings Beat Estimates - Looking Under The Hood
2024-07-19 08:00:00 ET
Summary
- Major Money Center Banks, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, all beat earnings estimates, leading to stock price increases.
- Asset growth is stagnant, deposits are shrinking, loans are flat, net interest margin is declining, and asset quality is deteriorating.
- Non-interest income is strong, but concerns remain about Basel III reforms and the future performance of the big four banks.
Major Banks Reported Earnings And Beat Consensus Estimates
Earnings season kicked off this past week with the release of quarterly earnings from the four major Money Center Banks.
Headline earnings for JPMorgan Chase ( JPM ), Bank of America ( BAC ), Citigroup ( C ), and Wells Fargo (WFC), all beat street consensus....
Major Money Center Bank Earnings Beat Estimates - Looking Under The Hood