Bank earnings: JPMorgan Chase, Citi, Bank of America, Wells Fargo

JPMorgan Chase lays plans to build on last year's success: After a record-breaking year of reeling in business from failed banks and scared customers defecting from rivals, JPMorgan Chase & Co., the largest U.S. bank, expects it will keep getting larger.

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CEO Fraser calls 2024 a 'turning point' year for Citi: Jane Fraser says this year will be "critical" for megabank 花旗 , which is engaged in a massive, multiyear restructuring that involves cutting 20,000 jobs by the end of 2026.

Bank of New York Mellon sets 3-5 year targets for profit growth: Custody bank BNY is managing expectations about its 2024 performance while assuring investors that profits will improve significantly in the medium term. AI is one path it's pursuing.

Wells Fargo is 'still early in the cycle' as soured office loans rise: The San Francisco-based 富国银行 warned for months that charge-offs were likely to start rising as some office-related loans went bad. It began to happen in the fourth quarter, which could be an omen for regional banks that have larger concentrations in the office sector.

What dulled the luster of Bank of America's consumer results: Personal spending chugged along in the fourth quarter, thanks to the resilient job market. But loan charge-offs rose, and higher interest rates suppressed loan demand, executives at 美国银行 say.

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