Morgan Stanley, JPMorgan and Wells Fargo are scheduled to kick start first-quarter 2025 earnings on April 11th, while Goldman Sachs will report earnings on April 14th(estimated), Citigroup and Bank of America will come out with its performance details on April 15th.

Strong trading revenues could drive upside to their earnings estimates, with JPMorgan and Goldman Sachs seen as best positioned to outperform expectations.

Morgan Stanley

Morgan Stanley's first quarter revenue is expected to be $16.76 billion, up 10.7%, with an adjusted net profit of $3.67 billion, up 12%, and an adjusted EPS of $2.29, up 13%, according to Bloomberg's consistent expectations.

“Equities trading strength and lagged impact on wealth from market weakness (more a Q2 event) should combine for a strong Q1 2025,” BofA analysts believe.

Investors will closely monitor net new asset growth, which has averaged several billion dollars per quarter over the past year, as a key indicator of future acceleration, the analysts added. 

JPMorgan

JPMorgan's first quarter revenue is expected to be $44.45 billion, with an adjusted net profit of $12.85 billion, down 5.79%, and an adjusted EPS of $4.58, down 1%, according to Bloomberg's consistent expectations.

CEO Jamie Dimon’s commentary on the macroeconomic environment and regulatory landscape will be closely watched.

The bank’s full-year 2025 net interest income (ex-markets) guidance of $90 billion is seen as defensible in the absence of rapid rate cuts.

The analysts believe that the stock’s valuation may not be attractive enough for management to increase buybacks, which are currently assumed at around 100% total payout.

Wells Fargo

Wells Fargo's first quarter revenue is expected to be $20.8 billion, down 0.3%; with an adjusted net profit of $4.14 billion, down 3.93%, and an adjusted EPS of $1.24, down 1.9%, according to Bloomberg's consistent expectations.

They attributed this to a conservative fee forecast despite expectations for a trading rebound to approximately $1.4 billion quarter-over-quarter.

Investment banking may benefit from market share gains, but equity gains are expected to drop off significantly after a strong $715 million performance in Q4 2024.

The key issue for Wells Fargo remains the ongoing asset cap imposed by regulators, which continues to limit growth potential. “[Wells Fargo] needs asset-cap removed to clear the decks for both management and the Street to reframe the risk/reward,” analysts wrote.

Goldman Sachs

Goldman Sachs's first quarter revenue is expected to be $14.97 billion, up 5%, with an adjusted net profit of $4.1 billion, up 4%, and an adjusted EPS of $12.48, up 8%, according to Bloomberg's consistent expectations.

While tougher trading and M&A advisory comparisons against JPMorgan and peers may temper growth, the potential for a headline earnings beat remains, driven by strong markets revenue, Bank of America believes.

Citigroup

Citi's first quarter revenue is expected to be $21.34 billion, up 1%, with an adjusted net profit of $3.55 billion, up 5%, and an adjusted EPS of $1.9, up 9%, according to Bloomberg's consistent expectations.

“While results may not be a catalyst, these could serve as a clearing event into the June stress test results where we expect Citi to see some capital relief,” they wrote.

The pace of buybacks remains a key focus, with analysts assuming $1.5 billion in repurchases for Q2 2025, ramping up to $3 billion per quarter in the second half of the year.

Citigroup’s ability to defend its pre-provision net revenue against a weaker revenue environment will also be closely watched.

Bank of America

BofA's first quarter revenue is expected to be $27.07 billion, up 4%, with an adjusted net profit of $6.45 billion, up 5%, and an adjusted EPS of $0.8, up 8%, according to Bloomberg's consistent expectations.

In BofA’s 2025 outlook, management “expect 1Q25 NII (FTE) of $14.5B-$14.6B; expect to grow sequentially to ~$15.5B-$15.7B in 4Q25 with 2H25 growth >1H25 growth1”, and “assumes January 10, 2025 forward curve materializes, continued fixed-rate asset repricing, deposit and loan growth.”