A quartet of large American banks smashed expectations in their quarterly earnings reports Friday, sending their respective stocks surging as investors regain confidence in the industry marred by regional bank struggles last month.JPMorgan, Citigroup, Wells Fargo and PNC – the first, third, fourth and sixth largest U.S. banks by assets—disclosed their latest financial data Friday morning, handily beating consensus profit estimates, and all but PNC beating revenue forecasts.
Their stocks largely rose in early trading, with JPMorgan’s 7% gain leading the way, while shares of Citi and Wells Fargo popped 4% and 1%, respectively, while PNC slipped 2%. Friday’s rally caps a rapid recovery for bank stocks after the sector reeled as regional banks Silicon Valley Bank and Signature Bank failed and other firms struggled last month.
The 10 largest banks have now gained $94 billion in market capitalization over the last three weeks, as of 9:45 a.m. ET, recovering much of the $291 billion the grouping lost between March 1 and March 24.Friday kicked off a particularly pivotal earnings season for banks after March featured the second and third-largest bank failures in the nation’s history.
Flight to quality to big banks at the expense of smaller regional banks. In addition, higher NII for banks due to rising interest rates.
Recession is near. Didn't you see all the pink slips from big tech? Bwaaa...
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »