What the numbers say
JPMorgan is forecast to report adjusted earnings of $5.62 per share on revenue of $49.5 billion, with the consensus EPS estimate revised up 3.7% over the past four weeks. The bank has beaten on earnings in each of its last eight quarters, and shares sit near $338 against an average analyst target of $350.
Bank of America is expected to earn $1.12 per share on $30.7 billion in revenue, with year-on-year growth of around 25% and an estimate lifted 2.2% over the past month. Like JPMorgan, it has beaten on earnings eight quarters running, with shares near $60 and a target of $64.
Citigroup and Wells Fargo report the same day. Consensus points to modestly higher Q2 estimates at Citi over the past three months, while Wells Fargo estimates have been trimmed by around 1%, reflecting some margin pressure as it pivots towards expansion.
Across the investment banks and managers group, Q2 earnings are expected to grow 10.4% on 10.7% higher revenues. Most of that comes from core banking and trading, with investment banking broadly stable rather than booming.