What We Know About JPMorgan, Citigroup and Wells Fargo Earnings

JPMorgan Chase reported record first-quarter sales, and Citigroup and Wells Fargo released results the same day, giving investors their first detailed look at the largest US lenders after weeks of financial-sector turmoil, according to CNN Business's live markets blog, updated the afternoon of Friday, April 14, 2023. CNN's tracker followed Dow and S&P 500 moves through the session as traders weighed the earnings against the risk that stress hitting smaller banks weeks earlier had reached the largest institutions.

What did JPMorgan report this quarter?

CNN's coverage described JPMorgan's first-quarter sales as record-setting, calling the bank a "Wall Street heavyweight" in its roundup of the day's earnings. The reviewed material did not include a specific dollar figure, revenue number, or earnings-per-share result for the bank, so those figures cannot be confirmed here. JPMorgan's report was positioned in CNN's coverage as the lead item in a session investors were watching closely for signs of how the largest lenders had weathered stress that hit smaller banks in the prior month.

How did Citigroup and Wells Fargo perform?

Citigroup and Wells Fargo also posted quarterly results the same day, per CNN's live blog, putting all three major banks' numbers in front of investors within hours of one another. The portion of CNN's coverage reviewed for this report did not detail specific revenue, profit, or deposit figures for either bank, focusing instead on the market's overall reaction across the two major indexes as the session unfolded.

Why did this earnings round matter to markets?

The reports landed as traders tried to determine whether deposit outflows and tighter lending conditions that had rattled smaller regional banks weeks earlier were spreading to the largest institutions. CNN's live blog tracked Dow and S&P 500 levels through the day specifically to measure how investors were pricing that risk once the earnings hit the tape, rather than treating the reports in isolation from the broader banking-sector stress.

What did analysts say about smaller banks?

Not every voice in CNN's coverage that week was reassuring about the sector's smaller players. In a video segment CNN published April 11, 2023, investor Kevin O'Leary, of "Shark Tank," argued small banks "won't be around" in their current form within 24 months, citing the difficulty smaller lenders were having borrowing money in the prevailing environment. CNN ran the clip alongside its earnings coverage as a counterpoint to the large banks' results, framing the earnings round as reassuring for the biggest institutions even as questions lingered for smaller ones.

What happens next for bank stocks?

CNN's live blog remained open for updates through the trading session, continuing to track index moves as additional banks reported results and investors weighed the large-bank numbers against warnings like O'Leary's about smaller institutions. The material reviewed did not include a specific closing level for the Dow or S&P 500 that day, so no final index figures are cited here. Readers following the sector should consult CNN's live blog directly for updated index levels and any additional bank-by-bank figures as they are published.

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