JP Morgan, Wells Fargo Kick Off a Week of Bank Earnings

JP Morgan (JPM) and Wells Fargo (WFC) kick started a week of earnings reports, although not much change quarter to quarter for the banking sector as the Federal Reserve resists a rate hike. JP Morgan came in strong with earnings, beating analyst estimates. The bank reported profits of $1.54, up from last year's numbers with revenue in line with estimates at $24.5 billion. Growth under Jamie Dimon's leadership was strong, as equity trading revenues increased 27 percent and investment banking fees were up 4 percent. Wells Fargo saw its profit drop for a second straight quarter, with expenses up 2.3 percent. The largest U.S. mortgage lender posted earnings of $1.03 per share, in line with estimates. Revenue was also up, but missed Wall Street predictions, coming in at $21.32 billion. Stocks were down on the announcement but the bank posted strong growth in deposits and average loans.