JPMorgan, Wells Fargo and Bank of America beat earnings expectations, but worries about 'headwinds' remain

JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo managed to beat Wall Street’s reduced expectations for their fourth-quarter profits as higher interest rates boosted income from loans.

But J.P. Morgan stock lost ground after CEO Jamie Dimon warned of economic uncertainty as central banks execute plans to hike interest rates, even as consumers continue to spend and businesses remain healthy. Analysts have been reducing their profit forecasts for JP Morgan in the days leading up to its fourth-quarter results with the latest estimate of $3.08 a share, down from $3.15 a share on Dec. 30, according to FactSet data. But the bank still topped the more bullish forecast of $3.15.Bank of America BAC stock fell 1.4% after the financial firm beat its earnings and revenue targets as it benefitted from higher interest rates on its loans.

The bank said earlier this week that it was reducing the size of its home-mortgage business. It also said that consumer banking and lending loans increased 4% and commercial banking loans climbed 18%. Overall, however, U.S. consumers remain have relatively low unemployment numbers despite an increase in layoffs of late.

market will rise 20% 2023 👍✌🏻

They’re gonna keep warning of headwinds until they can buy as much stock at low prices as possible, even if there aren’t actual headwinds. All manipulation.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wells Fargo pulls back from mortgage market it once dominatedThe US housing market is in the midst of a correction that has sapped mortgage demand. Pulling back because covering up and defending themselves against criminal allegations is getting harder and more expensive. WellsFargo
Source: nypost - 🏆 91. / 67 Read more »

Wells Fargo is downsizing its mortgage businessWells Fargo is retreating from the mortgage business, where it's been a longtime industry leader, the bank said. There’s something odd going on. I have great credit but many of our cards are cutting our credit available.
Source: axios - 🏆 302. / 63 Read more »

Inflation to slump to 2.2% by year-end, setting up rally for stocks: Wells Fargo By Investing.com*WELLS FARGO: INFLATION TO SLUMP TO 2.2% BY YEAR-END, SETTING UP RALLY FOR STOCKS Translation.... inflation will not slump to 2.2% and Wells Fargo will dump their holdings on the next big rally Wells Fargo getting wild with their calls. Fraud 'markets' are driven by narratives, not actual data, as can be seen for the past 12 months.
Source: Investingcom - 🏆 450. / 53 Read more »