Bite-Size Earnings Breakdown: BAC, C, WFC

JPMorgan Chase (JPM) led the market lower yesterday after its report, along with continued concerns around President Trump’s plan to cap credit card rates at 10% for a year. CEO Jamie Dimon issued several warnings after the report about Fed independence and rates.

Big banks continue to report, with Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC) out this morning. Let’s quickly break down how each is faring.

Bank of America’s CEO, Brian Moynihan, is bullish on the U.S. economy after the company topped estimates, calling consumers and businesses resilient. EPS of $0.98 and revenue of $28.53 billion beat FactSet estimates of $0.96 and $27.95 billion, respectively. Provision for credit losses fell to $1.3 billion from $1.5 billion and average deposit balances grew to $2.01 trillion. 

Citigroup reported mixed earnings, with adjusted EPS of $1.81 above the FactSet estimate of $1.68 and revenue of $19.87 billion below expectations of $20.53 billion. CEO Jane Fraser called 2026 a “year of significant progress” and noted strong results in Wealth and Services. Banking revenues grew 78%, driven by growth in Corporate Lending and Investment Banking. However, it took a loss on sale of $1.2 billion due to operations in Russia.

Wells Fargo also missed revenue estimates, with $21.29 billion compared to $21.65 billion. Adjusted EPS of $1.76 beat estimates of $1.67. CEO Charlie Scharf was “proud” of their 2025 results, noting the Fed removed its asset cap and that it saw growth in its consumer and commercial businesses. It’s winning customers back: new accounts grew 20% vs last year, and credit card “continues to see strong increases in spend.” Wealth and Investment segments also saw strong growth, following the trend of its peers.

BAC and WFC are down premarket while Citigroup is higher. The K-shaped economy is clearly coming into play with gains on the high end, but lower-end consumers seem to be holding strong based on net charge-offs and provisions for credit losses. We’ll see how Wall Street digests the reports.

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