US Banks: Consumer Slowing, FICC Mixed

US bank earnings update: US consumer slowing but not crashing, FICC revenues very mixed but equities looking reasonable.

1. For all three majors which reported Friday, US consumer banking showing the full range of reserve building, rising net charge-off rates and higher non-performing asset levels. However, none of these represented any "melt down" simply a continued deterioration from 3Q23.
   
2. IB revenues showed strength in equities but a real range on the key FICC (fixed income, currencies & commods) line. JPM +8%, BoA -4% and Citi -25%, the latter two referencing tough credit markets. JPM is often the high water mark so tough outlook for the Euro FICC majors, Barclays and Deutsche.
   
3. Upcoming tomorrow (London time):
   
   1230 Goldman and M Stanley results (GS more relevant for FICC-watchers)
   
   Pre-US open: PNC Fincl. Truist and KeyCorp... three of the big US regional banks (for US consumer-watchers)