JPMorgan, Wells Fargo, Citigroup: Big Banks Expected To Leverage Strong Investment Banking Results In Q2 Earnings

JPMorgan & Chase, Citigroup, and Wells Fargo will kick off the U.S. Big Banks’ second-quarter earnings on Tuesday, with investors remaining cautious amid rapid trade policy shifts.

According to fiscal.ai data, JPMorgan, the nation’s largest bank, is expected to post earnings of $4.48 per share on revenue of $44.04 billion. The lender has topped estimates in all four previous quarters.

Wall Street expects Wells Fargo to post earnings of $1.40 per share for the three months ended June 30, while Citigroup is expected to report earnings of $1.60 per share.

After a weak start to the year, investment banking activity has picked up pace during the second quarter, which included several blockbuster initial public offerings, including stablecoin issuer Circle. According to Dealogic data, the total value of mergers and acquisitions is up 17% this year compared to the previous year.

"As a result, we expect 2Q25 investment banking revenues to be better than expected and management teams to point to pipelines building," Morgan Stanley analyst Betsy Graseck noted.

According to TheFly, J.P. Morgan analyst Vivek Juneja expects banks to post moderate growth in net interest income and commercial & industrial loans. The brokerage also anticipates slowing credit card loan growth, as well as fee income growth from market-related revenue, controlled expenses, and stable credit quality.

Several executives at Wall Street lenders, including those at Bank of America and Citigroup, said last month that they expected market revenue to increase by mid-to-high single-digit percentage points in the second quarter.

Retail sentiment on Stocktwits about JPMorgan was in the ‘extremely bullish’ (82/100) territory. At the same time, retail was ‘bullish’ about Citi but ‘bearish’ on Wells Fargo.

Earlier, top U.S. banks raised their dividends, with some announcing fresh buyback programs, after effortlessly passing the Federal Reserve’s stress test.

The test, which measured the banks' balance sheets against a worst-case scenario including 10% unemployment and a 33% drop in home prices, found that all 22 participating banks had sufficient strength to remain healthy.

However, Charles Schwab analysts wrote in a note that headwinds for banks include consumer and corporate reticence amid signs of slowing economic activity. In addition, tariff-related inflation concerns, a worsening U.S. fiscal outlook, a lackluster housing market, relatively high borrowing costs, weaker consumer credit, and geopolitical turbulence are sore spots.

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