The nation’s largest lenders, including JPMorgan Chase, Wells Fargo and Goldman Sachs, reported quarterly and annual financial results on Wednesday that beat analysts’ expectations, and a largely Go Go expressed the attitude of what is next for the economy after the President is elected. Donald J. Trump is inaugurated next week.
JPMorgan, the nation’s largest bank, said it made a profit of $14 billion in the fourth quarter and about $59 billion for the full year. Wells Fargo made $5.1 billion in the fourth quarter and $20 billion for the year, saying wealthy depositors are putting more money into its top savings products. Citi, which also topped estimates, reported net income of $2.9 billion in the quarter and $12.7 billion for the full year.
Goldman Sachs, which sees profits of $4 billion and $14 billion in the fourth quarter for 2024, said it has been particularly successful in connecting risky companies seeking money for clients willing to lend, which is typically That’s a sign that credit conditions, as Wall Street says, remain fluid. .
To some extent, the results weren’t surprising: Bank stocks rose even faster than the broader market in 2024, ending the year up 23.3 percent, as lenders took advantage of the hot stock market and fattened profits. Increased corporate financing activities for Still, bankers have traditionally characterized themselves as a risk-averse group, and given questions about the future of interest rates, deal-making and the geopolitical world, about what lies ahead. Their hope is palpable.
Michael Santomasimo, Wells Fargo’s chief financial officer, said on a call with reporters that the bank’s corporate clients largely view the incoming administration as business-friendly and pro-growth, potentially a deal-breaker. It is an honor.
“It appears that many of our clients, or many market participants, feel more confident in their ability to execute M&A transactions,” Mr. Santomasimo said. “There is some hope that we will see higher activity levels throughout the year.”
This is a developing story. Check back for updates.