On April 11, some of the biggest U.S. banks will conduct earnings calls, including JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Company (NYSE:WFC), Morgan Stanley (NYSE:MS), and The Bank of New York Mellon Corporation (NYSE:BK).
BofA Securities writes that banks will “likely strike a cautious tone” and focus on risks tied to policy uncertainties like tariffs and the Department of Government Efficiency (DOGE).
Major credit issues aren’t expected yet, but banks may start setting aside more reserves due to growing economic concerns.
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Investors will watch for signs of consumer and corporate strength, particularly in investment banking and lending. They will gauge whether conditions will improve in the second half of 2025 or worsen further.
The analyst writes, “We see upside to our estimates driven by stronger trading revenues. Debt capital markets a potential silver-lining in an otherwise slow investment banking quarter. Seasonal decline in cards balances, muted commercial demand to temper loan growth. Steeper yield curve in early 1Q25 probably drives better NII growth for 1Q25.”
BofA revised JPMorgan’s price target from $285 to $284, $Citigroup Inc(C-N)$.’s (NYSE:C) from $90 to $89, Wells Fargo from $85 to $83, and Morgan Stanley from $150 to $144.
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