+29 C°
Traffic jam:   2

Citigroup, JPMorgan and Wells Fargo reported Q4 results

19 January 2021
2 min.
Citigroup, JPMorgan and Wells Fargo reported Q4 results

Shares of financial companies

Major US banks JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC) reported their fourth quarter 2020 results. Shares in all three banks declined on Friday amid a general market decline following a pessimistic government report on US retail sales, high unemployment and COVID-19 incidence.

JPMorgan's earnings and profits

JPMorgan shares reacted on Friday with the smallest drop of 1.8% (among the three banks named) as the bank's quarterly report beat market analysts average estimates.

JPMorgan's Q4 earnings per share rose 19% (from a year ago) to $3.07.

Revenue rose 3% to $29.2bn, also beating analyst forecasts of $28.7bn.

While consumer banking revenues fell 8% to $12.73bn, fixed income trading, equity trading, investment banking and wealth management revenues rose 15%, 32%, 37% and 10% respectively.

Citigroup shares down 7%

Citigroup reported lower earnings for its 4Q than Wall Street expected, citing a 14% drop in revenues at its core consumer division Global Consumer Banking. Citi executives said that low interest rates and declining card transaction volumes were the reasons for the drop.

Citigroup's Q4 earnings per share fell 3% to $2.08.

Revenue fell 10% to $16.5 billion.

Revenue from consumer banking fell as much as 14% to $7.3 billion and investment banking fell 5% to $1.3 billion.

Citigroup CEO Michael Corbat said: "We remain very well capitalised and have high liquidity to serve our clients".

Wells Fargo shares down

Wells Fargo shares reacted with the biggest drop of 7.8% among the three named as the bank's earnings declines for several consecutive quarters caused concern among investors.

In recent quarters, Warren Buffett's Berkshire Hathaway Investment Company (BRKB) has more than halved its stake in the company to 127.38 million shares, or 3.3% of Wells Fargo. 34 hedge funds reduced their total holdings in Wells Fargo by 40.8 million shares in the last quarter.

Wells Fargo's earnings per share for Q4 rose 4% to $0.64.

At the same time, quarterly revenue fell 10% to $17.93 billion.

On Friday, shares of two other major US banks Bank of America (BAC) and Goldman Sachs (GS), which report on Tuesday, were down 2.9% and 2.2%.

Persons2 and Companies7 in the news

The chairman and CEO of Berkshire Hathaway
1 place
Chief Executive Officer
2 place
Wells Fargo
2 place
3 place
Goldman Sachs
4 place
JPMorgan Chase
5 place
Bank of America
6 place


Rating companies
69 Mention
68 Mention
66 Mention
56 Mention
Dow Jones
53 Mention
50 Mention
36 Mention


News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director