Bank Earnings: Goldman Sachs Sets the Tone, But Can JPM and Others Surprise?

JPMorgan Chase, Citi, Morgan Stanley, and Bank of America are set to report earnings this week.
Goldman Sachs earnings point toward strong equities trading revenue for banks during the quarter.
Morgan Stanley shows the higher implied volatility rank ahead of the reports.

Big Banks Set to Kick Off Earnings Season amid Market Uncertainty

Big banks are kicking off the earnings season and traders are dialed in for clues on how the U.S. economy is expected to perform via commentary from some of the leaders of the largest U.S. financial institutions.

JPMorgan Chase (JPM) and Citi (C) will report before the market open on Tuesday, April 14. Morgan Stanley (MS) and Bank of America (BAC) will follow with their own earnings announcements on Wednesday, April 15, before the market open.

Goldman Sachs (GS) reported Monday morning before the open. The bank’s stock fell 1.87% despite posting a near-record quarter in profit.

Revenue from equities trading increased 27% from a year ago, coming in at $5.33 billion. However, FICC (fixed income, currencies and commodities) revenue dropped by 10% from a year ago, most hurt by interest rate products.

JPMorgan has the largest exposure to trading, and Morgan Stanley’s business also is a sizeable trading player and strong equities trading historically. All are exposed to the same market.

Weakness in wealth management is another item that could disappoint. Revenue from that segment came in at $4.08 billion, an increase from the year before but below what Wall Street wanted.

Investment banking fees were a strong spot; fees rose nearly 50% to bring in $2.84 billion. Asia overperformed for Goldman. Of the banks to report, Bank of America has the smallest Asia footprint.

Traders are also contending against a volatile backdrop concerning the cease fire in the Middle East. A headline can send the market in either direction, and that could overpower any earnings-related move. That said, the market is also listening for commentary from executives on how the war and its second- and third-order effects could impact guidance

JPMorgan Chase

Chase is expected to post earnings per share (EPS) of $5.45 on $49.13 billion in revenue, according to estimates on TradingView. Last year, JPM posted EPS of $5.07 on $45.31 billion in revenue.

JPM is down about 2.7% since the start of the year, but the stock has rallied 12% off its 2026 low reached back in March. The stock trades with an implied volatility rank (IVR) of 42.3, meaning volatility is slightly subdued compared with the past twelve months of trading.

Citi (C)

Investors are looking for Citi to produce EPS of $2.63 on $23.51 billion in revenue. Last year, Citi reported EPS of $1.96 on $21.6 billion in revenue.

Citi is one of the leaders among big banks this year, with its stock price up 8.5% since the start of the year. It’s also up nearly 24% from its lows from March. The stock has some additional volatility in it compared with JPM, trading with an implied volatility rank of 52.2, meaning it’s slightly elevated compared to the past twelve months of trading.

Morgan Stanley

Morgan Stanley is estimated to post EPS of $3.02 on $19.74 billion in revenue. It’s managed to beat estimates in all quarters over the preceding year. Last year, EPS came in at $2.60 on $17.74 billion in revenue.

Morgan Stanley is also trading positive on the year, up about 2% from the start of the year. The stock is up 18.5% from its lows traded in March, when the Iran war sent market volatility higher.

MS has the highest volatility compared with the past twelve months of trading, with a 55.3 IVR.

Bank of America

Analysts expect Bank of America to report EPS of $1.01 on $29.92 billion in revenue. The bank exceeded forecasts last quarter. A year ago, BAC reported EPS of $0.90 on $27.37 billion in revenue.

BAC remains lower since the start of the year, even though the stock has rallied over the past few weeks. It’s down about 3% in 2026. The stock traded with an IVR of 46, reflecting slightly lower volatility compared to the past year of trading.

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