The Q4 earnings season kicked into high gear on Wednesday as major banks delivered impressive beats. JPMorgan Chase (JPM) reported a 35% increase in earnings per share, exceeding analyst views, while Goldman Sachs (GS) saw its net revenue surge 23%. Wells Fargo (WFC) and Citigroup (C) also reported solid results.
JPMorgan’s earnings growth has slowed recently, but the bank still managed to beat expectations. CEO Jamie Dimon hinted at a potential transition to chairman once he steps down as head of the bank.
Goldman Sachs’ stock soared 6% after the release of its earnings report, bringing it close to a buy zone above a 245.69 buy point for a six-week cup-with-handle base.
Wells Fargo and Citigroup also reported strong results, with Wells Fargo’s shares surging 6.2% and Citigroup announcing a $20 billion stock repurchase program.
BlackRock (BLK), another major financial institution, posted adjusted earnings of $11.93 per share, beating analyst views by 23%. The company’s revenue increased 23% to $5.68 billion.
The strong earnings reports from these banks suggest that Q4 growth is on the rise, driven by an improving regulatory backdrop and expectations for Basel III Endgame capital requirements being watered down.
Source: https://www.investors.com/news/goldman-sachs-jpmorgan-wells-fargo-blackrock-earnings-q4-2024-gs-jpm-wfc-blk-c-schw