Top American banks will kickstart the earnings season on Tuesday, with analysts expecting a profit bonanza, helped by the high interest rates, trading surge, and corporate deal-making.
Top US Banks to Publish Earnings This Week
Tuesday will be the busiest day for these earnings, with five banks valued at nearly $2 trillion releasing their numbers. JPMorgan (NYSE:JPM), Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS), Citigroup (NYSE:C), and Wells Fargo (NYSE:WFC) will be the first ones to go.
A day later, Morgan Stanley, BNY Mellon, and PNC will release their numbers. Several large regional banking groups like M&T, US Bancorp, Truist, Citizens, Fifth Third, and Webster Financial will publish their numbers later this week.
Banks are benefiting from the relatively high interest rates, with the Federal Reserve maintaining the headline figure between 3.50% and 3.75%. Higher rates lead to a wider net interest margin.
