Catenaa, Friday, January 17, 2024 (Wrapup)-US banks posted strong Q4 2024 earnings as market activity rebounded. JPMorgan led with record profits, while Goldman Sachs highlighted revenue growth.
Bank of America exceeded estimates with notable gains in investment banking and trading. Wells Fargo saw a sharp rise in profits despite flat revenue. Leaders cited strategic investments and cautious optimism for 2025.
JPMorgan Chase reported record profits for Q4 2024, achieving net earnings of $14.2 billion, a 20% increase from the previous year. The bank’s total net revenue reached $40 billion, driven by strong performance in investment banking and trading activities. The return on equity (ROE) improved to 16%, reflecting the benefits of the bank’s scale and diversified operations. CEO Jamie Dimon highlighted the bank’s resilience amid economic challenges, emphasizing strategic investments in technology and customer service. Overall, JPMorgan continues to strengthen its position as a leading global financial institution with robust growth prospects.1
Goldman Sachs reported net revenues of $53.51 billion and net earnings of $14.28 billion for the full year 2024. In Q4 2024, the bank achieved net revenues of $13.87 billion and net earnings of $4.11 billion, with diluted earnings per share (EPS) at $11.95. The return on average common shareholders’ equity (ROE) was 12.7% for the year and 14.6% for the quarter.
CEO David Solomon expressed satisfaction with the firm’s performance, highlighting a nearly 50% revenue growth and outlining strategic goals for 2025, including enhancing client service and operational scale.2
Bank of America reported Q4 2024 earnings of 82 cents per share, exceeding the Zacks Consensus Estimate of 77 cents and up from 70 cents in the previous year. The bank’s net income rose significantly to $6.4 billion, while total revenues reached $25.3 billion, a 15% increase year-over-year. Investment banking fees surged 43% to $985 million, and sales and trading revenues grew 10% to $4.13 billion.
Net interest income increased 3% to $14.51 billion, supported by improved loans and deposits. Provisions for credit losses rose 32% to $1.45 billion, reflecting a cautious outlook amid economic conditions.3
Wells Fargo reported a net income of $5.08 billion for Q4 2024, a 47% increase year-over-year, with GAAP EPS of $1.43, surpassing estimates of $1.34. Revenue was nearly flat at $20.38 billion, slightly below the expected $20.59 billion. The bank experienced a 7% decline in net interest income to $11.84 billion and an 11% rise in noninterest income to $8.54 billion. Average loans decreased by $31.6 billion (3%), while average deposits grew by $12.9 billion (1%). For 2025, Wells Fargo anticipates a net interest income increase of 1-3% compared to 2024’s $47.7 billion. 4
- https://www.reuters.com/business/finance/jpmorgan-profit-jumps-dealmakers-traders-ride-market-rebound-2025-01-15/[↩]
- https://www.goldmansachs.com/pressroom/press-releases/2025/2025-01-15-q4-results[↩]
- https://www.cnbc.com/2025/01/16/bank-of-america-bac-earnings-q4-2024.html[↩]
- wellsfargo.com: https://www.wellsfargo.com/assets/pdf/about/investor-relations/earnings/fourth-quarter-2024-earnings.pdf[↩]
