FILE - Pedestrians approach JPMorgan Chase headquarters on Dec. 29, 2023, in New York. JP Morgan reports earnings on Friday, April 12, 2024. NEW YORK — JPMorgan Chase reported a modest 6% rise in first quarter profits on Friday, as the major banks start reporting their quarter results for the first quarter.
While the results did beat analysts’ forecasts, the bank’s stock fell in premarket trading after JPMorgan gave a lower-than-expected forecast for its net interest income for the full year. That forecast largely reflects the bank’s expectation that the Federal Reserve will cut interest rates later this year.
Wells Fargo issued its first earnings report since the Biden administration eased some of the restrictions on the bank after a series of scandals.