JPMorgan, Citigroup, and Wells Fargo earnings in the first quarter of 2023 beat Wall Street expectations, although all three see signs of a slowdown and make provisions accordingly.
“The storm clouds that we have been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks,” Dimon said.
Citigroup, which also beat Wall Street expectations as it earned more from borrowers paying higher interest on loans, said it was prepared for a mild recession in the USCitigroup CEO Jane Fraser told analysts on a conference call. “That could be exacerbated in depth and duration in a more severe credit crunch.”
Still, she said “the biggest unknown” was the impact of US interest rates and how talks in Washington on the US debt ceiling play out. Shares of several banks surged after the results, and the S&P 500 bank index closed up 3.5%. Citigroup surged 4.8%. Wells Fargo investors were less impressed, pushing its shares down 0.05%.shares dragged on the index with its biggest losers, Zions Bancorp and First Republic Bank, both falling more than 3%. After falling sharply earlier in the day, PNC Financial Services Group, which reported an 18.5% rise in first-quarter profit, managed to eke out a 0.36% gain.
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