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Topical Highlights in Today's Bank Earnings (3/3)

EQUITIES

On the consumer in today's bank reports:

  • - Wells Fargo: On consumer lending, rise in charge-offs led by increase in credit card charge-offs, with consumer loans only a small contributor. Home lending unit higher by 7% on improved mortgage banking, however gains were offset by lower originations and lower loan balances. Mortgage originations the softest quarter of the year, at $4.5bln vs. $8.2bln in Q4’22.
  • JP Morgan: US continues to be resilient, with consumers still spending, and markets currently expect a soft landing. Economy fueled by large amounts of government deficit spending and past stimulus. Inflation may be stickier and rates to be higher than markets expect.
  • Bank of America : Consumer banking average deposits down 8%, but 33% above pre-pandemic levels. Consumer charge-offs driven by higher credit card losses, with a loss rate of 3.07%, up from 2.72% in prior quarter.
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