Big Day for Bank Earnings

JPM, C, PNC, WFC, and BLK report this morning.

Bank earnings report this morning. Bank expectation are deposits are declining and and guidance will be slowing in the 2nd quarter. Yet expected to report strong net interest income and solid lending.

Here’s what the big bank reported:

• JPMorgan (JPM): EPS: $4.32 per share, excluding 22 cents per share of investment losses, Revenue: $39.34 billion, vs. $36.19 billion

• Wells Fargo (WFC): EPS: $1.23 vs $1.12 estimates, Revenue: $20.73billion, beat by $670million

• Citi (C): EPS: $1.86 beats by $0.17, Revenue: $21.4B (+12% Y/Y) beats by $1.34B

• The PNC Financial (PNC): EPS: $3.98 beats by $0.34, Revenue: $5.6B (+19.4% Y/Y) misses by $10M

• BlackRock (BLK):EPS: $7.93 beats by $0.20, Revenue: $4.24B (-9.8% Y/Y) in-line

Take notice that Wells Fargo and JPMorgan combined put away $2.3billion for loan losses. This is higher than expected.

• Wage Growth from 6.1% to 6.4% in March.

• Yield Curve sits at -.55% this morning.

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