To The Moon

1. JPMorgan Chase & Co. $JPMorgan Chase(JPM)$

JPMorgan Chase had a strong fourth quarter, with key metrics beating analysts' expectations.The bank reported adjusted revenue of $43.74 billion, significantly beating the widely expected $42.01 billion.Earnings per share came in at $4.81, demonstrating strong profitability.Shares of JPMorgan Chase were up 2% in pre-market U.S. trading.

Key performance indicators:

• Loans: $1.35 trillion, in line with expectations

• Provision for credit losses: $2.63 billion, below expectations of $3.04 billion

• Return on equity: 17% (vs. 14.1% expected)

• Return on tangible common equity: 21% (expected 17.2%)

• Book value per share: $116.07

CEO Jamie Dimon emphasized the company's strong performance across all lines of business, particularly in the following areas:

• Investment banking fees (up 49%)

• Markets business revenue (up 21%)

• Payments revenue (record $18.1 billion for the year)

• Consumer Banking growth (2 million net new demand deposit accounts in 2024)

• Asset & Wealth Management (record revenue of $5.8 billion)

2. Wells Fargo & Co $Wells Fargo(WFC)$

Wells Fargo reported mixed Q4 2024 results, with strong net interest income performance but some pressure on overall revenue and expenses.Wells Fargo shares are up 2.5% in pre-market trading in the US.

Key metrics:

• Net interest income: $11.84 billion (beating expectations of $11.7 billion)

• Revenue: $20.38 billion (slightly below expectations of $20.59 billion)

• Earnings per share: $1.43

• Average loans: $906.4 billion

• Efficiency ratio: 68% (higher than expected 64.9%)

Business Segment Performance:

• Commercial Banking revenue: $3.17 billion

• Corporate & Investment Banking revenue: $4.61 billion

• Wealth & Investment Management Revenue: $3.96 billion

• Consumer banking and lending revenue: $8.98 billion

  

3. Bank of New York Mellon Corp $Bank of New York Mellon(BK)$

Bank of New York Mellon reported strong fourth-quarter results, thanks to better-than-expected interest income and fee income, with both earnings and revenue significantly beating estimates.Shares of Bank of New York Mellon rose 1.75% in U.S. premarket trading.

Key highlights:

• Adjusted EPS: $1.72 (vs. $1.58 expected)

• Total revenue: $4.85 billion (up 11%)

• Net interest revenue: $1.19 billion (beat expectations of $1.06 billion)

• Net interest margin: 1.32% (beat expectations of 1.17%)

• Total fee and other revenue: $3.65 billion (beat expectations of $3.61 billion)

Asset Management & Services:

• Assets under management: $2.03 trillion

• Assets under custody: $52.1 trillion

• Net outflow of funds: $15 billion

• Total deposits: $289.52 billion

Operational Efficiency:

• Noninterest expense: $3.36 billion

• Return on equity: 12.2%

• Tier 1 common equity ratio: 11.2 percent

• Liquidity coverage ratio: 115%

CEO Robin Vince noted the success of the bank's transformation efforts in 2024, with technology improvements leading to a 5% reduction in the unit cost of custody transactions and a 15% reduction in the cost of traditional fund servicing.Eliza, the bank's artificial intelligence platform, now supports 35% of its employees.

4. goldman sachs group $Goldman Sachs(GS)$

Goldman Sachs had a stellar fourth quarter with key business lines significantly outperforming expectations and a record-breaking equity trading business. 2024 Goldman Sachs shares are up 48%, ahead of major U.S. banks, and continue to be strong.

Key Financial Metrics:

• Net revenue: $13.87 billion (beat estimates of $12.37 billion)

• Earnings per share: $11.95 ($5.48 in the year-ago period)

• Return on equity: 14.6% (beat expectations of 9.98%)

• Return on tangible equity: 15.5 percent

• Book value per share: $336.77 ($313.56 in the prior year period)

• Efficiency ratio: 59.6 percent

Trading & Investment Banking Performance:

• Fixed Income, Currency and Commodities (FICC) Sales & Trading Revenue: $2.74 billion (beat estimates of $2.44 billion)

• Equities sales and trading revenue: $3.45 billion (up 32% year-over-year)

• Global Banking & Markets net revenue: $8.48 billion (up 33%)

• Investment banking revenue: $2.06 billion (up 24%)

• Advisory revenue: $960 million

• Equity underwriting revenue: $499 million (up 98%)

• Bond underwriting revenue: $595 million (up 51% year-over-year)

Asset management and other metrics:

• Asset management size: $3.14 trillion (up 12% year-over-year)

• Total net asset inflows: $92 billion

• Loans: $196 billion (up 7.1%)

• Total deposits: $433 billion

• Net interest income: $2.35 billion (up 75% year-over-year)

CEO David Solomon emphasized the company's success in meeting or exceeding its five-year strategic goals, growing revenue by nearly 50 percent and enhancing the sustainability of the business.Given the company's expected positioning for a recovery in the trading business and strong market performance, growth momentum is expected to continue in 2025.

5. Citigroup Inc. $Citigroup(C)$

Citigroup reported strong fourth-quarter results that beat analysts' expectations, while announcing revised earnings targets and a massive share buyback program.However, the bank still faces challenges in its transformation process.Citigroup shares rose 3.5% in pre-market U.S. trading.

Key financial metrics:

• Revenue: $19.58 billion

• Earnings per share: $1.34 (beat estimates of $1.24)

• Return on average equity: 5.4 percent

• Return on average tangible common equity: 6.1%

• Efficiency ratio: 67.3%

• Tier 1 common equity ratio: 13.6 percent

Trading & Banking performance:

• Markets revenue: $4.58 billion (beat expectations of $4 billion)

• FICC sales and trading revenue: $3.48 billion (up 37%)

• Equities sales and trading revenue: $1.10 billion (up 34% year-over-year)

• Banking revenue: $1.24 billion

• Investment banking revenue: $925 million

Business Segment Performance:

• Services business revenue: $5.18 billion

• Wealth business revenue: $2.00 billion

• U.S. Consumer Banking revenue: $5.23 billion

• Net interest income: $13.73 billion

Strategy Update:

• Revised return on tangible common equity (ROTCE) target to 10 - 11% by the end of 2025 (previously 11 - 12%)

• Board of Directors approves $20 billion share repurchase program

• Full year 2024 net income up nearly 40% to $12.7 billion

• Returned approximately $7 billion in capital to shareholders

CEO Jane Fraser emphasized that 2024 was a pivotal year, with strategy advancing as expected and record results in Services, Wealth and U.S. Personal Banking.However, the downward revision of the profitability target reflects the challenges the bank continues to face in managing expenses as it overhauls its global operations.