🚀 Bank Earnings

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. JPMorgan, Wells Fargo, Bank of America, and Citigroup reported their earnings amid concerns about rising inflation and potential loan losses. JPMorgan exceeded expectations with earnings of $4.44 per share against the expected $4.11, and a revenue of $42.55 billion, surpassing the forecast of $41.85 billion, largely thanks to strong trading revenue. Wells Fargo also outperformed estimates with earnings of $1.26 per share and revenue of $20.86 billion, compared to the predicted $1.11 per share and $20.20 billion in revenue. Citigroup beat first-quarter estimates with earnings of $1.58 per share and revenue of $21.10 billion, exceeding the expected figures of $1.23 per share and $20.4 billion in revenue.

2. Higher education is facing increasing scrutiny over its value, as rising costs and significant student debt have led to a decline in the number of students pursuing college degrees. According to a report by the National Student Clearinghouse Research Center, the number of undergraduate degree recipients dropped by nearly 3% in the 2022-23 academic year, marking the most significant decline on record. Simultaneously, the number of students earning bachelor's degrees reached its lowest point in almost a decade, with a reduction of nearly 100,000 graduates in one year. Conversely, certificate programs have seen a surge in popularity, reaching a 10-year high, driven by an increase in vocational training options.

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4. Headlines

   1. BRICS countries now have a higher GDP (normalized by purchasing power) than G7 ones.

   2. Jamie Dimon warns that inflation and global conflict still present serious risks to the US economy.

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