Big banks churned out more profits for much of 2023 as regional lenders struggled, but their performance in the first quarter is not expected to dazzle.
Investors may not mind, as long as the giant banks can demonstrate how they benefit if interest rates remain higher than expected this year.
“At the end of the day, what is the market paying attention to?” said Ken Leon, a large bank analyst for CFRA Research.
“It’s really looking to what these banks will do for the rest of 2024 and 2025.”
Analysts expect JPMorgan Chase (JPM), Wells Fargo (WFC) and Citigroup (C) and Bank of America (BAC) to report that their first-quarter profits were up from the fourth quarter of 2023 but down when compared to the same year-ago period.
Brian Moynihan, CEO of Bank of America; Jamie Dimon, Chairman and CEO of JPMorgan Chase; and Jane Fraser, CEO of Citigroup testify last December in Washington, DC. (Photo by…
