Datasets:

---

idleengine

/

reddit_finance_posts_sp500

like 0

Follow

idleengine 1

ERROR: type should be string, got "https://www.cnbc.com/2023/04/14/wells-fargo-wfc-earnings-q1-2023.html\n\nWells Fargo reported growing profits Friday as the bank benefited from higher interest rates, despite building up loan loss reserves.\n\nHere’s how the bank did compared with Refinitiv estimates:\n\nEarnings per share: $1.23 per share GAAP versus 90 cents a year ago and $1.13 expected.\n\nRevenue: $20.73 billion versus $20.08 billion expected.\n\nThe bank’s shares were up more than 3% in premarket trading after the earnings report.\n\nWells Fargo increased its net income by more than 30% to nearly $5 billion in the first quarter from a year ago. The bank said its net interest income, what it makes lending money minus what it pays out to customers, increased 45% on the back of soaring interest rates.\n\n“We had strong results in the first quarter including revenue growth from both the fourth quarter and a year ago, and we continued to make progress on our efficiency initiatives,” CEO Charlie Scharf said in a statement.\n\nHowever, in the latest period, the bank set aside $1.2 billion for credit losses after reducing its provisions by $787 million a year ago. The provision included a $643 million increase for potential losses related to commercial real estate, credit card and auto loans.\n\nWhile interest income climbed, Wells Fargo said it noninterest income decreased 13% in the quarter, driven by lower results in its affiliated venture capital and private equity businesses as well as a decline in mortgage banking income.\n\nWells Fargo, once the No. 1 player in mortgages, has stepped back from the housing market. The bank recently laid off hundreds of mortgage bankers as part of a sweeping round of cuts triggered by the bank’s recent strategic shift.\n\n“Looking ahead, we continue to move forward on our risk and control agenda, which is our top priority,” Scharf said. “While we have made progress, our work is not done, and we remain focused on completing the work in a timely fashion.”\n\nThe bank resumed its share repurchase program during the quarter, buying bank 86.4 million shares, or $4.0 billion, of common stock.\n\nThe stock is up 6% in April, trimming its 2023 losses to about 4%."

ERROR: type should be string, got "https://www.cnbc.com/2023/04/14/jpmorgan-chase-jpm-earnings-1q-2023.html\n\nJPMorgan Chase reported first-quarter earnings before the opening bell Friday.\n\nHere’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:\n\nAdjusted earnings: $4.32 per share vs. $3.41 per share estimate\n\nRevenue: $39.34 billion, vs. $36.19 billion\n\nJPMorgan, the biggest U.S. bank by assets, will be watched closely for clues on how the industry fared after the collapse of two regional lenders last month.\n\nAnalysts expect a mixed bag of conflicting trends. For instance, JPMorgan likely benefited from an influx of deposits after Silicon Valley Bank and Signature Bank experienced fatal bank runs.\n\nBut the industry has been forced to pay up for deposits as customers shift holdings into higher-yielding instruments like money market funds. That will probably curb banks’ gains from rising interest rates amid the Federal Reserve’s efforts to tame inflation.\n\nThe flow of deposits through American financial institutions is the top concern of analysts and investors this quarter. That’s because smaller banks faced pressure last month as customers sought the perceived safety of megabanks including JPMorgan and Bank of America. But the bigger picture may be that deposits are leaving the regulated banking system overall as customers realize they can earn higher yields outside checking and saving accounts.\n\nAnother key question will be whether JPMorgan and others are tightening lending standards ahead of an expected U.S. recession, which could constrict economic growth this year by making it harder for consumers and businesses to borrow money.\n\nBanks have begun setting aside more loan loss provisions on expectations for a slowing economy later this year, and that could weigh on results. JPMorgan is expected to post a $2.27 billion provision for credit losses, according to the StreetAccount estimate.\n\nWall Street may provide little help this quarter, with investment banking fees likely to remain subdued thanks to the still-shut IPO market. CFO Jeremy Barnum said in February that investment banking revenue was headed for a 20% decline from a year earlier, and that trading was trending “a little bit worse” as well.\n\nFinally, analysts will want to hear what JPMorgan CEO Jamie Dimon has to say about the economy and his expectations for how the regional banking crisis will develop. JPMorgan has played a central role in propping up a client bank, First Republic, which teetered last month, in part by leading efforts to inject it with $30 billion in deposits.\n\nShares of JPMorgan are down about 4% this year, outperforming the 31% decline of the KBW Bank Index.\n\nWells Fargo and Citigroup are scheduled to release results later Friday, while Goldman Sachs and Bank of America report Tuesday and Morgan Stanley discloses results Wednesday."