JPMorgan and Wells Fargo earnings are out: Live updates
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JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and Goldman Sachs are set to report earnings before the markets open Tuesday.
Investors are expecting that the five big banks saw strong revenue from trading equities and fixed income during the second quarter.
The SpaceX IPO drove surging fees for Goldman Sachs and Morgan Stanley, while commercial lending is showing signs of a turnaround and consumer credit is expected to remain resilient.
What you need to know:
- Here’s what to expect from JPMorgan
- Here’s what to expect from Wells Fargo
- Here’s what to expect from Bank of America
- Here’s what to expect from Goldman Sachs
- Here’s what to expect from Citigroup
- It’s unusual for five megabanks to all report on the same morning
3 Min Ago
Wells Fargo just reported earnings. Here are the numbers
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
8 Min Ago
The Iran War wildcard: ‘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
14 Min 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, according to StreetAccount.
– Laya Neelakandan
20 Min 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
20 Min 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
23 Min 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%, according to KBW analyst Chris McGratty.
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 $11.6 billion it made earlier this year, that would mark a new 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
29 Min 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
36 Min 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
52 Min 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, according to StreetAccount.
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, according to StreetAccount.
— Laya Neelakandan
1 Hour 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
1 Hour 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
2 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
1 Hour 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
2 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
Read Original at CNBC →