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Last week US bank stocks led the broader market higher after larger rivals JPMorgan Chase & Co. and Bank of America Corp. cut expenses in the first quarter, leaving profits that beat expectations.
At Citigroup, Chief Executive Officer Mike Corbat has been eliminating jobs and narrowing the firm’s focus to markets and business lines where he can generate acceptable returns.
Below are the results of bank stocks which reported results last week.
JP Morgan (JPM US EQUITY)
Earnings per share were reported at $1.41, beating the $1.25 average analysts’ estimate.
JPMorgan Chase & Co., the biggest US bank by assets, posted a first-quarter profit that beat Wall Street estimates on cost cuts and a smaller decline in trading revenue than most analysts predicted.
Wells Fargo & CO (WFC US EQUITY)
Earnings per share were reported at $0.99, beating the $0.973 average analysts’ estimate.
Wells Fargo's first quarter results fell 6 percent from a year ago, as the bank had to set aside more money to cover its struggling portfolio of oil and gas loans.
Bank of America (BAC US EQUITY)
Earnings per share were reported at $0.21, beating the $0.20 average analysts’ estimate.
Bank of America Corp. posted a first-quarter profit that missed analysts’ estimates as trading and underwriting revenue dropped and energy loans soured.
Citigroup (C US EQUITY)
Earnings per share were reported at $1.10, beating the $1.032 average analysts’ estimate.
Citigroup Inc. reported first-quarter profit that beat analysts’ estimates, joining big US rivals in slashing costs more than anticipated amid a trading and deal making slump.
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