A number of leading banks reported their earnings results for the first quarter of 2025 today. Some of them beat expectations while some delivered mixed results. Here’s a look at how three major banks – JPMorgan Chase & Co. (NYSE: JPM), Wells Fargo & Co. (NYSE: WFC) and Morgan Stanley (NYSE: MS) performed in the quarter:
JPMorgan
In Q1 2025, JPMorgan’s reported revenue increased 8% year-over-year to $45.3 billion. Managed revenue also increased 8% to $46 billion. Net income grew 9% to $14.6 billion and EPS rose 14% to $5.07 versus last year. Both the top and bottom line numbers beat expectations.
Net interest income rose 1% to $23.4 billion while non-interest revenue grew 17% to $22.6 billion. Non-interest expense was $23.6 billion, up 4%.
Revenues for the Consumer & Community Banking (CCB) segment grew 4% to $18.3 billion. Revenues in the Commercial & Investment Bank (CIB) segment increased 12% to $19.7 billion. Asset & Wealth Management (AWM) revenues grew 12% to $5.7 billion.
“The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and “trade wars,” ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility. As always, we hope for the best but prepare the Firm for a wide range of scenarios.” – Jamie Dimon, CEO, JPMorgan
Wells Fargo
Wells Fargo saw total revenue decrease 3% to $20.15 billion in Q1 2025 compared to the same period a year ago. Net income rose 6% to $4.89 billion while EPS grew 16% to $1.39. Earnings came ahead of projections but revenue fell short of expectations.
Net interest income decreased 6% to $11.5 billion while non-interest income remained relatively flat at $8.65 billion. Non-interest expense decreased 3% to $13.9 billion.
Revenue in the Consumer Banking and Lending segment decreased 2% to $8.9 billion in the quarter. The Commercial Banking segment saw revenues drop 7% to $2.92 billion. In Corporate and Investment Banking, revenues grew 2% to $5 billion. Wealth and Investment Management revenues rose 4% to $3.87 billion.
“We expect continued volatility and uncertainty and are prepared for a slower economic environment in 2025, but the actual outcome will be dependent on the results and timing of the policy changes. We and our customers come into the current environment from a position of strength that should serve us well.” – Charlie Scharf, CEO, Wells Fargo
Morgan Stanley
Morgan Stanley posted revenues of $17.7 billion for the first quarter of 2025, up 17% year-over-year. Net income increased 26% to $4.32 billion while EPS rose 29% to $2.60. Revenue and earnings beat estimates.
Revenues in the Institutional Securities segment increased 28% to $9 billion in the quarter. Revenues in the Wealth Management division grew 7% to $7.3 billion. Investment Management revenues rose 16% to $1.6 billion.
Shares of JPMorgan were up 3% in midday trade on Friday while shares of Wells Fargo were down 2%. Morgan Stanley’s stock stayed green.
