It's a mixed bag. TheStreet breaks it down.
Let's go bank by bank.
JPMorgan (JPM) - Get Report beat revenue and earnings per share expectations, posting revenue of $29.6 billion and EPS of $2.59. Analysts were looking for $28.9 billion and $2.50. CEO Jamie Dimon mentioned the strong credit card and consumer business, saying there was strong consumer spending in the quarter. That's a great sign for the economy. Lower interest rates are still likely for July, but JPMorgan's consumer results are certainly a good sign.
On the not-so-great side, the bank lowered its guidance on net interest income, or the total amount of gross profit generated from lending. That could indicate there will be fewer loans than previously expected, but it certainly reflects lower interest rates, as the Federal Reserve has indicated it will lower rates to stimulate the economy.
Wells Fargo (WFC) - Get Report reported revenue of $21.58 billion, beating expectations of $20.93 billion. Earnings per share was $1.30, beating estimates of $1.30. Management said its lending and consumer business also performed handsomely, another indication that while the U.S. economy is decelerating, it's on strong footing.
Goldman Sachs (GS) - Get Report beat on both top and bottom lines. Revenue was $9.46 billion, beating estimates of $8.83 billion. EPS was $5.81, better than the expected $4.89. Goldman is less directly exposed to the consumer, and its biggest business, investment banking posted strong numbers, good news for Goldman investors. Investment banking revenue was $1.86 billion, beating expectations of $1.77 billion.