Earnings season for the largest U.S. banks will begin on Friday, July 14, when JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. announce their second-quarter results. Rounding out the “big six” industry group, Bank of America Corp., Goldman Sachs Group Inc. and Morgan Stanley are all scheduled to report on July 18.
Below is a list of banks whose consensus earnings estimates have been cut the most by analysts this year, followed by another list of the banks that analysts rate most highly. These banks have had the largest cuts to consensus earnings estimates this year For a broader look at the industry, we looked at the largest 50 banks by total assets in the Russell 3000 Index RUA, which is designed to represent about 98% of companies listed publicly in the U.S., by market capitalization.
PacWest Bancorp PACW leads the list as the only bank among the largest 50 expected to show a net loss for 2023. The bank has been working to improve its liquidity through asset sales, most recently announcing a deal to sell a loan portfolio to Ares Management Corp. ARES.