Bank Earnings:Historical Results/2023 Q2: Difference between revisions

!Remarks from bank heads

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|Revenue<ref>https://www.cnbc.com/2023/07/14/jpmorgan-chase-jpm-earnings-2q-2023.html?__source=androidappshare

|CEO Jamie Dimon: “The U.S. economy continues to be resilient. Consumer balance sheets remain healthy, and consumers are spending, albeit a little more slowly. Labor markets have softened somewhat, but job growth remains strong. That being said, there are still salient risks in the immediate view—many of which I have written about over the past year. Consumers are slowly using up their cash buffers, core inflation has been stubbornly high (increasing the risk that interest rates go higher, and stay higher for longer), quantitative tightening of this scale has never occurred, fiscal deficits are large, and the war in Ukraine continues, which in addition to the huge humanitarian crisis for Ukrainians, has large potential effects on geopolitics and the global economy."

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|Adjusted EPS

|$4.00 per share

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|Provision for credit losses

|$2.72 billion

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|Revenue<ref>https://www.cnbc.com/2023/07/14/wells-fargo-wfc-2q-2023-earnings.html

|“Our company remains strong and we have significant opportunities to continue to improve how we serve our customers. The U.S. economy continues to perform better than many had expected, and although there will likely be continued economic slowing and uncertainty remains, it is quite possible the range of scenarios will narrow over the next few quarters. We remain prepared for a variety of scenarios and our steadfast commitment to our risk and control buildout coupled with our continued focus on financial and credit risk management allows us to support our customers throughout economic cycles,” CEO Charlie Scharf concluded.

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|Adjusted EPS

|$1.16

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|Provision for credit losses

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|"As expected, net loan charge-offs increased from the first quarter. Consumer charge-offs continued to deteriorate modestly. Commercial charge-offs increased driven by a small number of borrowers in Commercial Banking, with little signs of systemic weakness across the portfolio, and higher losses in commercial real estate, primarily in the office portfolio." CEO Charlie Scharf said.

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|Revenue<ref>https://www.cnbc.com/2023/07/14/citigroup-c-q2-earnings-report-2023.html

|“Amid a challenging macroeconomic backdrop, we continued to see the benefits of our diversified business model and strong balance sheet,” CEO Jane Fraser said in the press release.

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|Adjusted EPS

|$1.30

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|Provision for credit losses

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|Net credit losses

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|Revenue<ref>https://d1io3yog0oux5.cloudfront.net/_9917e700420343dfac5012060045e63e/bankofamerica/db/806/9921/earnings_release/The+Press+Release_2Q23.pdf

|“We continue to see a healthy U.S. economy that is growing at a slower pace, with a resilient job market,” CEO Brian Moynihan said in the press release.

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|Adjusted EPS

|84 cents

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|Revenue<ref>https://www.morganstanley.com/content/dam/msdotcom/en/about-us-ir/shareholder/2q2023.pdf

|“The Firm delivered solid results in a challenging market environment. The quarter started with macroeconomic uncertainties and subdued client activity, but ended with a more constructive tone. Consistent with our strategy, we continued to attract client assets – Wealth and Investment Management added $100 billion in net new assets, bringing in over $200 billion year-to-date. Our Institutional businesses navigated the markets well through macro uncertainties. We finished the quarter in a strong capital position and raised our quarterly common dividend by 7.5 cents for the second year in a row. We remain confident in our ability to grow in various market environments while maintaining a strong capital position," CEO James P. Gorman said in the press release.

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|Adjusted EPS

|$1.15  

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!Remarks from bank heads

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|Revenue<ref>https://www.marketscreener.com/quote/stock/STATE-STREET-CORPORATION-14499/news/State-Street-s-Q2-Earnings-Revenue-Rise-44339219/

“Our strong balance sheet and capital generation enabled us to return approximately $1.3 billion to shareholders through common share repurchases and dividends in the second quarter. We are also pleased by the results from this year's supervisory stress test, which once again confirm the resiliency and strength of our franchise. For the third consecutive year, we announced our plan to increase our per share common stock dividend by 10%, and we intend to continue to execute on our common share repurchase authorization of up to $4.5 billion during 2023, subject to market conditions and other factors.” he added.

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|Adjusted EPS

|$2.08

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|Revenue<ref>https://www.investing.com/news/stock-market-news/bank-of-ny-mellon-earnings-beat-by-008-revenue-topped-estimates-3127709

|“BNY Mellon delivered good financial performance amid a very dynamic operating environment, and we continued taking actions to position the firm for higher underlying growth and enhanced operational efficiency over time," CEO Robin Vince said.

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|Adjusted EPS

|$1.22

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|Provision for credit losses

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|Revenue<ref>https://www.investing.com/news/stock-market-news/charles-schwab-earnings-beat-by-003-revenue-topped-estimates-3127802