JPMorgan Chase earnings are out. Here are the numbers<\/p>\n
JPMorgan Chase just reported its second-quarter earnings. <\/p>\n
Here’s what the company reported, compared with what Wall Street analysts surveyed by LSEG were expecting: <\/p>\n
\u2014 Michele Luhn<\/p>\n
Wells Fargo just reported earnings. Here are the numbers<\/p>\n
Wells Fargo just reported its second-quarter earnings. <\/p>\n
Here’s what the company reported, compared with what Wall Street analysts surveyed by LSEG were expecting: <\/p>\n
\u2014 Michele Luhn<\/p>\n
The Iran War wildcard: ‘Real stress on the consumer’<\/p>\n
This frame grab taken from AFPTV video footage on July 12, 2026 shows a cargo ship anchoring near the Strait of Hormuz off the eastern coast of the United Arab Emirates at Khor Fakkan. <\/p>\n
– | Afp | Getty Images<\/p>\n
One thing analysts will likely ask bank CEOs about is the impact of the return to fighting in the Iran-U.S. conflict.<\/p>\n
So far, banks are expected to have benefited from elevated trading revenue thanks to volatility caused by the Iran war, but they have largely avoided the drag of higher consumer defaults or penny pinching caused by higher fuel and food prices.<\/p>\n
That could change if the conflict continues and the Strait of Hormuz, a key passage for a chunk of the world’s fuel and fertilizer, becomes impassable. Higher inflation would hit consumers and also increase the odds the Federal Reserve will have to raise interest rates.<\/p>\n
“If there’s a surprise on inflation, or oil rises to $130 or $140 a barrel, that’s a real stress on the consumer,” said KBW analyst Chris McGratty.<\/p>\n
\u2014 Hugh Son <\/p>\n
The breakdown of segment revenues expected for Citigroup<\/p>\n
According to estimates from StreetAccount, Citigroup is expected to report $4.67 billion in revenue in its fixed income division. Last quarter, that division was one of the largest drivers<\/a> of its first-quarter beat. <\/p>\n The bank is also expected to report $1.81 billion in revenue in equity markets and $1.78 billion in revenue in banking overall. <\/p>\n Wall Street is expecting Citi to report $2.32 billion in net credit losses, according to StreetAccount.<\/p>\n \u2013 Laya Neelakandan<\/p>\n Citi has historically beaten Wall Street expectations<\/p>\n Citi has historically surpassed expectations.<\/p>\n According to StreetAccount, Citi’s revenue and earnings per share have both beaten the consensus estimates in 18 of the past 20 quarters.<\/p>\n \u2014 Laya Neelakandan<\/p>\n Here’s what to expect from Citigroup<\/p>\n Citigroup<\/a> is set to report its second-quarter earnings results before the bell on Tuesday. Here’s what the bank is expected to post, based on a survey of analysts by LSEG:<\/p>\n Company executives are scheduled to hold a call with analysts to discuss results at 11 a.m. ET. <\/p>\n \u2013 Laya Neelakandan<\/p>\n Boom times for Wall Street’s investment bankers and traders<\/p>\n Traders work on the floor of the New York Stock Exchange during morning trading on July 08, 2026 in New York City. <\/p>\n Michael M. Santiago | Getty Images<\/p>\n Buoyed by the SpaceX IPO and other deals, investment bankers are expected to have closed the books on a great quarter last month.<\/p>\n But Wall Street’s risk-taking traders are also expected to have done well in the period as geopolitical unrest including the\u00a0Iran war<\/a>\u00a0stoked volatility across asset classes.<\/p>\n Investment banking revenue for the group could surge 26% from a year ago, while trading revenue could jump 14%, according to KBW analyst\u00a0Chris McGratty<\/a>.<\/p>\n Gains in trading are expected to come from equities desks as stock markets climbed in the second quarter, and fixed income traders may have benefited from volatility in oil, currencies and interest rates.<\/p>\n JPMorgan, for instance, is expected to post $10.1 billion in second-quarter trading revenue. If it manages to top $11.6 billion<\/a> it made earlier this year, that would mark a new record. <\/p>\n It’s the latest evidence that banks are doing a better job<\/a> of managing risk than in the years before the 2008 financial crisis, when firms would periodically report large trading losses. <\/p>\n “Banks are doing a good job these days of capturing the upside of volatility,” McGratty said.<\/p>\n Read the full story here<\/a>.<\/p>\n \u2014 Hugh Son<\/p>\n Here’s what to expect from Goldman Sachs<\/p>\n David Solomon, CEO Goldman Sachs, speaking on CNBC’s Squawk Box at the World Economic Forum in Davos, Switzerland on Jan. 22nd, 2026.\n<\/p>\n Oscar Molina | CNBC<\/p>\n Goldman Sachs, led by CEO David Solomon, is expected to be one of the big beneficiaries of boom times for both investment bankers and traders.<\/p>\n Here’s what Wall Street expects:<\/p>\n Company executives will hold a conference call with analysts at 9:30 a.m. ET. <\/p>\n \u2014 Hugh Son<\/p>\n Wall Street’s SpaceX bonanza: Just how much did they make? <\/p>\n SpaceX celebrates their IPO at the Nasdaq on June 12th, 2026.<\/p>\n Adam Jeffery | CNBC<\/p>\n Investment bankers were paid $500 million<\/a> for the privilege of taking SpaceX<\/a> public last month, with leads Goldman Sachs and Morgan Stanley getting the biggest shares at about $100 million each.<\/p>\n But that’s just part of the bonanza in fees from the largest IPO in history.<\/p>\n There was also the investment grade debt offering<\/a> that many of the same banks handled days after the IPO, and the possibility of managing the wealth of newly minted millionaires and billionaires.<\/p>\n On top of that, Goldman and Morgan Stanley likely reaped so-called soft dollars from the SpaceX initial public offering, according to\u00a0Jay Ritter,<\/a>\u00a0professor emeritus of finance at the University of Florida’s Warrington College of Business.<\/p>\n That’s a term for fees, paid in the form of trading or research commissions, that hedge funds give investment banks for a slice of an oversubscribed IPO, Ritter said.<\/p>\n Still, while executives will almost certainly speak to the pipeline of future deals they expect the rest of the year, Wells Fargo analyst Mike Mayo doesn’t expect a lot of detail on just how much revenue came from SpaceX.<\/p>\n “I don’t expect any granularity around any one specific IPO,” Mayo told CNBC.<\/p>\n Read the full story here<\/a>. <\/p>\n \u2014 Hugh Son<\/p>\n The revenue breakdowns analysts are expecting from Bank of America <\/p>\n Bank of America is expected to report revenue in its investment banking division of $1.86 billion, according to StreetAccount.<\/p>\n Analysts are also expecting the bank to report equities trading reaching $2.77 billion. Net interest income, which is the metric for making loans, is projected to come in at $16.23 billion, according to StreetAccount.<\/p>\n \u2014 Laya Neelakandan<\/p>\n Here’s what Bank of America is expected to report<\/p>\n Exterior view of a Bank of America branch on March 30, 2026 in Hanover, Maryland. <\/p>\n Heather Diehl | Getty Images<\/p>\n Bank of America is set to report its second-quarter earnings results before the bell Tuesday. Here’s what the company is expected to post, based on a survey of analysts by LSEG:<\/p>\n Company executives will hold a conference call with analysts at 8:30 a.m. ET. <\/p>\n \u2014 Laya Neelakandan<\/p>\n Here’s what analysts are expecting from Wells Fargo<\/p>\n Wells Fargo & Company Chairman and CEO Charlie Scharf is interviewed during an Economic Club of Washington luncheon at the Westin hotel on April 20, 2026 in Washington, DC. <\/p>\n Chip Somodevilla | Getty Images<\/p>\n Wells Fargo, led by CEO Charlie Scharf, is scheduled to report second-quarter earnings before the opening bell Tuesday.<\/p>\n Analysts are looking for signs of business momentum after the Federal Reserve lifted a balance sheet<\/a> restriction on the bank last year. <\/p>\n Here’s what Wall Street expects:<\/p>\n Company executives will hold a conference call with analysts at 10 a.m. ET. <\/p>\n \u2014 Hugh Son<\/p>\n Wall Street’s longest running saga: The race to succeed JPMorgan CEO Jamie Dimon<\/p>\n Co-CEOs of Commercial & Investment Bank at JPMorganChase, Troy Rohrbaugh and Douglas Petno.<\/p>\n Courtesy: JPMorganChase<\/p>\n This will be the first chance that analysts have to directly ask JPMorgan CEO Jamie Dimon<\/a> questions about succession planning after the sudden exit of Marianne Lake<\/a>, who had been considered a top candidate.<\/p>\n As CNBC and others reported last month, Dimon expects to remain CEO for roughly three more years, though that timeline could change, according to two people with knowledge of his thinking. After that, he’ll spend some time as chairman.<\/p>\n\n
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