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Big U.S. Banks Profits Expected to Tumble

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Big u. S. Banks profits expected to tumble
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Big U.S. banks profits are expected to fall sharply in the second quarter from a year earlier on increased loan loss reserves and a possible recession.

According to Refinitiv data, JPMorgan Chase will report a 25% drop in profit on Thursday, Citigroup is expected to drop 38% and Wells Fargo will show a 42% profit decline when both banks post results on Friday.

Facing a growing concern of a recession as interest rates rise, oil and gas prices surge and mortgage rates plunges, investors will be analyzing any guidance on the state of the economy when Wall Street’s most influential executives disclose their results.

The S&P 500 just closed its worst first-half of a year in over five decades, sending analysts to wonder if the current projections will hold up during this coming reporting season.

Federal Reserve rate hikes continue to hit the banks’ mortgage business. According to Freddie Mac the 30-year fixed-rate mortgage averaged 5.30% last week, down from 5.70% the week before, recording the largest decline since December of 2008.

With banks already reporting declines in mortgage revenue in the first quarter, analysts expect that decline to continue, further impacting their profits.

Tags: CitigroupFederal ReserveJP MorganWells Fargo

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