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Macro Takeaways From Today's Bank Earnings:

EQUITIES

JP Morgan:

  • Consumer spending in our businesses has returned to pre-pandemic levels, up 14% versus the first quarter of 2019.
  • Home Lending originations were very strong, up 40%, [...] but we expect this to slow with the recent rise in interest rates
  • Loan demand remained challenged as Card outstandings remain lower despite spend recovering to pre-COVID levels.
  • We believe that the economy has the potential to have extremely robust, multi-year growth

Goldman Sachs:

  • Helping clients prepare for world beyond the pandemic and a more stable economic environment
Wells Fargo:
  • Home lending up 19% Y/Y on higher retail originations and gain on sale margins
  • Small business banking saw lower deposit-related fees on higher average checking account balances
  • 3.7mln consumer and small business customers saw deferred payments and waived fees since Jan 1st 2020
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