2024-07-17 20:00:00 ET
Summary
- JPM is “winning” for its shareholders, while Jane Fraser continues to turn around Citigroup.
- Coming into last Friday morning’s call, our revenue estimate for JPM was $42 billion and change, but that estimate was actually revised up on Thursday.
- Citi’s net revenue grew 3% YoY, while EPS grew 14% YoY, with an 8% EPS upside surprise.
In the earnings preview written late last week on what was expected for the two banking giants Friday morning, July 12th, ’24, neither offered any real surprises. At one point, in the earnings preview, it was written that ”if there were two opposites in the large-cap, money-center bank universe, it was Citigroup and JPMorgan” and that remains the case....
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For further details see:
JPMorgan And Citigroup Earnings Summaries: Like Both, But Citigroup Is A Cheaper, Longer-Term Play