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Bank earnings szn kicked off on Friday and featured the largest US bank (JPMorgan), a "mid-major" (PNC) … and Wells Fargo. 

Jamie Dimon led JPMorgan to a record-breaking profit of $9.18B, exceeding analyst expectations. Net interest income grew 8%. Eat sh*t, Maxine [Waters].” - Jamie Dimon, probably

Of course, profits in JPM’s consumer bank were driven largely by the tail end of a rising interest rate environment. Still, JPM maintained its 2019 guidance and shares rose more than 4.5% on Friday.

PNC, the Gonzaga of US financial institutions, followed suit on day two of The Masters (read: Friday), climbing more than 3% on news of a revenue beat that was partly offset by increased expenses. 

And then there's Wells

Despite a … wait for it … “decent” quarter shares of Wells Fargo got steamrolled on Friday. The stock rose as much as 2.3% on news that Wells beat EPS and revenue projections. That is until Wells started doing what Wells does best: disappointing investors more than Howard Buffett disappoints his father.

CFO John Shrewsberry lowered expectations going forward, calling for net interest income to be closer to the negative 2% to negative 5% range vs. previous expectations that ranged from down 2% to up 2% for the remainder of 2019. Translation: not good. Shares fell 2.6% on Friday.

We’ve got Goldman, Citi, Bank of America and Morgan Stanley earnings coming up this week.

JPMorgan Posts Record Profit, but Interest Rates Cloud Outlook  [WSJ]


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