Q4 24 US Bank Earnings Preview: By The Numbers

JPMorgan Chase (JPM, 12pm GMT/7am ET, 15^th January)

JPM trades around 1% higher YTD, after the first few days of 2025, having gained over 40% over the last twelve months, outperforming the 28% gain notched by Financials sector over that period. The stock remains an index heavyweight, being the 11^th largest constituent of the S&P 500, as well as a Dow constituent. Options imply a move of +/-3.2% in the stock over the earnings release, with JPM having declined in the post-earnings session on three of the last 4 occasions. For Q4 24, consensus expects adjusted EPS at $4.08, on net revenues of $41.9bln.

Wells Fargo (WFC, 12pm GMT/7am ET, 15^th January)

Wells Fargo have begun the year with a 2% advance, building on the 43% gain that the stock saw last year, also outperforming the broader Financial sector. From a weightings perspective, WFC stands as the 29^th biggest stock in the S&P 500, with a weight of around 0.5%. Over the Q4 24 report, derivatives contracts imply a move of +/-4.4%, to one standard deviation of confidence. Recent post-earnings performance has been somewhat mixed, with five of the last eight reports sparking a daily decline. This time around, consensus expects adjusted EPS of $1.35, on revenues of $20.6bln.

Goldman Sachs (GS, 12:30pm GMT/7:30am ET, 15^th January)

Goldman, up almost 50% over the last year, has also vastly outperformed the Financials sector, and the S&P 500 index at large. GS stands as the 46^th largest constituent of the S&P 500, with a  weight just under 0.4%, while also being the largest single stock in the Dow, comprising around 8.4% of the index. Options tied to the stock imply a move of +/-3.9% in the day following earnings, with the stock having advanced following three of the last four reports, having also beaten consensus EPS expectations for five quarters running. For Q4 24, street expectations point to adjusted EPS of $8.15, on net revenue of $12.33bln.

Citi (C, 1pm GMT/8am ET, 15^th January)

Citi have started the year strong, already gaining almost 5%, extending the 30% gain chalked up last year. The stock stands as the 72^nd largest in the S&P, with a weighing just over 0.25%. Options contracts, with a 68.2% degree of confidence, imply a move of +/-3.5% in the stock after earnings, with a sell-off having been seen following the last three consecutive reports, despite EPS having missed consensus expectations just once since Q1 21. This time around, consensus sees adjusted EPS at $1.22, on quarterly net revenues of $19.5bln.

Bank of America (BAC, 11:45am GMT/6:45am ET, 16^th January)

Bank of America trades around 35% higher over the last 12 months, with the stock having started the year well, with a gain of over 4% in the first few trading days of 2025. BAC stands as the 25^th largest stock in the S&P 500, with a weighting of around 0.6%. While the stock has beaten consensus EPS expectations in every quarter since Q3 22, recent post-earnings performance has been mixed, with an even split of gains and losses over the last year. This time around, options price a move of +/-3.3%, with expectations pointing to adjusted EPS of $0.77, on revenue of $25.2bln.

Morgan Stanley (MS, 12:30pm GMT/7:30am ET, 16^th January)

MS round out bank earnings season, currently trading flat YTD, albeit while having notched a gain of over 35% last year. The stock stands as the 55^th largest in the S&P, with a weighting of around 0.3%. Derivatives point to a post-earnings move of +/-3.6%, with the stock having gained ground following earnings on the last three occasions in a row. This time around, the street expects adjusted EPS at $1.66, on revenues just shy of $15bln.