Jamie Dimon, chairman and CEO of JPMorgan Chase, speaking on CNBC's “Squawk Box” at the World Economic Forum annual meeting in Davos, Switzerland, on January 17, 2024.
Adam Galici | CNBC
JPMorgan ChasIt is scheduled to report first-quarter earnings before the opening bell on Friday.
This is what Wall Street expects:
- Profits: $4.11 per share, according to LSEG
- Revenue: 41.85 billion dollars, according to LSEG
- Net Interest Income: $23.18 billion, according to StreetAccount
- Business income: Fixed income of $5.19 billion and equities of $2.57 billion, according to StreetAccount
JPMorgan will be closely watched for clues about how banks fared earlier in the year.
While the largest U.S. bank by assets has navigated the rate environment well since the Federal Reserve began raising rates two years ago, its smaller peers have seen their profits shrink.
The industry has been forced to pay for deposits as clients shift cash into higher-yielding instruments, squeezing margins. Concerns are also growing about rising commercial loan losses, especially in office buildings and multifamily housing, and rising credit card defaults.
Still, large banks are expected to outperform smaller ones this quarter, and expectations for JPMorgan are high. Analysts believe the bank may improve guidance for net interest income to 2024 as the Federal Reserve is forced to maintain interest rate levels amid stubborn inflation data.
Analysts will also want to hear what CEO Jamie Dimon has to say about the economy and the industry's efforts to counter attempts to limit credit card and overdraft fees.
Wall Street may provide some help this quarter, as investment banking fees for the industry rose 11% from a year ago, according to Dealogic.
JPMorgan shares have risen 15% this year, outpacing the KBW banking index's 3.9% gain.
Wells Fargo and citi group are scheduled to release results later Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.
This story is developing. Please check for updates.
