It's earnings season, folks.
We heard from JPMorgan JPM, Wells Fargo WFC, and Goldman Sachs GS, so let's take a look at how the banks have fared.
JPMorgan's (JPM) earnings came in at $4.50 per share, up from 78 cents per share during the same period last year and well ahead of the Street consensus forecast of $3.09 per share. Removing the benefit of the reserve release, as well as other one-off items, JPMorgan's first-quarter profit was $3.31 per share.
"With all of the stimulus spending, potential infrastructure spending, continued Quantitative Easing, strong consumer and business balance sheets, and euphoria around the potential end of the pandemic, we believe that the economy has the potential to have extremely robust multi-year growth," said CEO Jamie Dimon.
Wells Fargo reported earnings of $4.74 billion, or $1.05 a share, compared with $653 million, or 1 cent a share, in the year-earlier period.
"Our results for the quarter, which included a $1.6 billion pretax reduction in the allowance for credit losses, reflected an improving U.S. economy, continued focus on our strategic priorities, and ongoing support for our customers and our communities," CEO Charlie Scharf said in a statement.
And finally, Goldman Sachs.
Goldman's earnings came in at $18.60 per share, nearly six times higher than the tally from last year and firmly ahead of the Street consensus forecast of $10.22 per share. Group revenues, Goldman said, rose 102% to $17.7 billion, again beating analysts' forecasts of a $12.4 billion tally.
“We have been working hard alongside our clients in preparation for a world beyond the pandemic and a more stable economic environment," said CEO David Solomon. "Our businesses remain very well positioned to help our clients reposition for the recovery, and that strength is reflected in the record revenues and earnings achieved this quarter."
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