Big Banks Set to Kick Off Earnings Season: JPMorgan, Citigroup and Wells Fargo

With a combined market cap of over $1 trillion, the trio will set the tone for the quarterly reports

JPMorgan, Citigroup and Wells Fargo are set to report earnings on Tuesday, July 15.
Big banks stocks have outperformed the S&P 500 since April, potentially making them susceptible to selling if earnings disappoint.
Bank traders remain concerned about economic woes and potential rate cuts.

As per usual, the big banks are set to kick off the earnings season, with several heavy hitters scheduled to report earnings on Tuesday, July 15, before the market opens.

JPMorgan Chase (JMP), Citigroup (C), and Wells Fargo (WFC) will release their numbers on Tuesday. The combined market cap totals over $1 trillion, making the set of earnings particularly notable for setting the tone of the upcoming earnings season.

Bank stocks have performed well since April when the U.S. trade war tanked equity prices, with the KBW Nasdaq Bank Index (BKX) rallying over 44% from its April lows, which compares to a +30% performance for the S&P 500 over the same period.

The blistering performance of bank stocks as of late can be attributed to less regulation and an improvement in investment banking activity. However, risks from a slowing economy amid tariff concerns and the potential for rate cuts from the Federal Reserve remain.

That said, how banks guide on their outlooks will be of particular importance for their performance going forward. The fact that these stocks have outperformed against the S&P 500 may make them more susceptible to a pullback if they miss expectations.

JPMorgan – what do investors expect?

Investors expect JPMorgan to report earnings per share (EPS) of $4.48 on $43.9 billion in revenue. This would compare to last year when JPM reported an EPS of $6.12 on $51 billion in revenue.

JPMorgan has a solid track record of beating estimates, with reported figures eclipsing estimates in every reporting period over the last year. Last quarter, JPM beat EPS estimates by 9.4%, while revenue exceeded estimates by 3%. JPM is up 42.5% from its April lows.

Citigroup – what do investors expect?

Estimates for Citigroup are slightly more positive on a year-over-year basis compared to JPMorgan. Investors expect Citi to report EPS of $1.61 in the second quarter compared to $1.52 a year ago. Revenue is expected to come in at $20.96 billion versus $20.14 billion a year ago.

Like JPM, Citi also has shown positive results over the past year, with its figures beating estimates in all reporting period over the last year. Citi is up 56.3% from its April lows.

Wells Fargo – what do investors expect?

Wells Fargo is expected to post EPS of $1.41 on $20.76 billion in revenue. Last year, WFC reported EPS of $1.33 on $20.69 billion in revenue.

WFC has a mixed record versus expectations over the last year, with it beating on EPS in all quarters but missing on revenue in three of the four quarters.

Wells Fargo is up 40.7% since its April lows, making it the worst performer in the group, although it still exceeds the S&P 500’s performance.

*Earnings estimates are sourced from TradingView

Christopher Vecchio, CFA, tastylive’s head of futures and forex, has been trading for nearly 20 years. He has consulted with multinational firms on FX hedging and lectured at Duke Law School on FX derivatives. Vecchio searches for high-convexity opportunities at the crossroads of macroeconomics and global politics. He hosts Futures Power Hour Monday-Friday and Let Me Explain on Tuesdays, and co-hosts Overtime, Monday-Thursday. @cvecchiofx

Thomas Westwater, a tastylive financial writer and analyst, has eight years of markets and trading experience. @fxwestwater

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Big Banks Set to Kick Off Earnings Season: JPMorgan, Citigroup and Wells Fargo

With a combined market cap of over $1 trillion, the trio will set the tone for the quarterly reports

JPMorgan – what do investors expect?

Citigroup – what do investors expect?

Wells Fargo – what do investors expect?

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