Big banks, including JPMorgan Chase, Wells Fargo, and Citigroup, reported strong quarterly earnings but disappointed in net interest income (NII). JPMorgan Chase had record profits but missed NII expectations, causing a 1.21% stock drop. Citigroup beat earnings and revenue forecasts, yet its stock fell 1.80% due to a bearish industry outlook and increased deposit rates. Wells Fargo reported a significant NII decline and forecasted further drops, leading to a 5.97% stock fall. Despite strong annual performance, big banks face challenges from volatile monetary policies and interest rate uncertainties. Upcoming earnings from Goldman Sachs, Bank of America, and Morgan Stanley will be closely watched.

• Big bank earnings season has started, with results from JPMorgan Chase, Wells Fargo, and Citi.

• JPMorgan Chase reported the highest quarterly profit in American banking history, beating Wall Street estimates on earnings and revenue but missing net interest income (NII) expectations.

• JPMorgan's NII rose 4% to $22.7 billion, but future NII is expected to decline due to raised interest rates on deposits.

• JPMorgan's stock fell 1.21% despite its historic profit.

• Citigroup beat earnings expectations with a 4% revenue increase to $20.14 billion and an earnings per share (EPS) of $1.52, surpassing the $1.39 expectation.

• Citigroup’s investment banking revenue rose 60%, but fixed income revenue fell 3%, in line with expectations.

• Citigroup's stock fell 1.80%, mainly due to industry outlook and increased deposit interest rates.

• Wells Fargo beat revenue and earnings expectations but reported a 9% decline in NII, to $11.92 billion, below the $12.12 billion expected.

• Wells Fargo predicts a 7% to 9% year-over-year decline in NII for the rest of 2024, with shares dropping 5.97%, the worst in the S&P 500 on Friday.

• Despite strong performance over the past year, big banks face challenges with volatile monetary policies and interest rate uncertainties.

• Upcoming earnings reports from Goldman Sachs, Bank of America, and Morgan Stanley will be closely watched by investors.