Banks post trading‑led beats

JPMorgan Chase and Citigroup opened bank earnings season with results that beat Wall Street forecasts, powered by trading desks that thrived in the market swings of early 2026. (jpmorganchase.com) (cnbc.com) JPMorgan said first-quarter net income rose to $16.5 billion, or $5.94 a share, from $14.6 billion, or $5.07 a share, a year earlier. Managed revenue reached $50.5 billion, and its markets unit posted $11.6 billion in revenue, up 20% from a year ago. (jpmorganchase.com 1) (jpmorganchase.com 2) Citigroup reported first-quarter net income of $5.8 billion, or $3.06 a share, on revenue of $24.63 billion, up 14% from a year earlier. CNBC said it was Citi’s best quarterly revenue in a decade, with markets revenue topping $7 billion for the first time in 10 years. (citigroup.com) (cnbc.com) The common thread was trading. JPMorgan said fixed-income trading revenue climbed 21% on higher activity in commodities, credit, currencies and emerging markets, while Citi said its markets business rose 24%, with equities up nearly 40% and fixed income up 13%. (cnbc.com 1) (cnbc.com 2) That strength came as the more traditional lending business looked less clean. Reuters reported JPMorgan cut its 2026 net interest income outlook including markets to $103 billion, down $1.5 billion from its February forecast, while leaving the figure unchanged excluding markets. (money.usnews.com) (finance.yahoo.com) Net interest income is the spread between what a bank earns on loans and securities and what it pays on deposits. When that spread softens, banks need more help from fees, underwriting and trading to keep revenue growing. (wellsfargo.com) (jpmorganchase.com) Other big banks reported a mixed picture this week. Goldman Sachs said first-quarter net revenue was $17.23 billion and net earnings were $5.63 billion after stronger client activity in volatile markets, while Wells Fargo said revenue rose 6% and net interest income increased 5%. (goldmansachs.com) (wellsfargo.com) Bank of America, reporting on April 15, said first-quarter revenue was $30.3 billion and net income was $8.6 billion. Its results extended the pattern of large banks using trading and fee businesses to offset pressure in rate-sensitive lines. (bankofamerica.com 1) (bankofamerica.com 2) JPMorgan Chief Executive Jamie Dimon said the United States economy remained resilient in the quarter, with consumers still spending and businesses still healthy, even as he warned of an “increasingly complex” risk backdrop. Citi Chief Executive Jane Fraser said the bank was on track to meet its 2026 profitability target and had entered the final phase of its divestitures. (jpmorganchase.com) (cnbc.com) The early read from April 2026 earnings is that Wall Street businesses are carrying more of the load at the biggest banks. Trading delivered the upside, while net interest income guidance stayed under pressure. (jpmorganchase.com) (cnbc.com)