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Jacob: Three banks reported earnings. Two big takeaways. Bank number one, takeaway number one, JP Morgan beat on both lines. Uh, some good signs for the overall economy. Really good credit card and consumer business performance and CEO Jamie Dimon talked about that. So that's a good sign. Not a great sign, JP Morgan lowering their net interest income guidance. Uh, that is not a great sign, but a little bit of a mixed picture there. But basically, good sign there. Wells Fargo, we're still on takeaway number one, bank number two, beat on both lines. Housing loans performed well. That's a nice sign for the broader economy. Goldman Sachs beat on both lines. If you're a Goldman Sachs investor, there's good news. Their biggest business investment, banking, beat revenue expectations. So again, golden investors, good news there. So those are two big takeaways for three banks.

It's a mixed bag. TheStreet breaks it down. 

Let's go bank by bank. 

JPMorgan 

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

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

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. 

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