On Friday, JP Morgan Chase published its quarterly financial results. The details for JP Morgan:

EPS $4.10 (vs $3.38 estimate). Adjusted revenue stood at $39.34 billion (vs $36.83 billion estimate)

FICC sales and trading revenue came in at $5.70 billion (vs $5.25 billion estimate). Investment banking revenue was at $1.56 billion (vs $1.54 billion estimate)

Equities sales and trading revenue constituted $2.68 billion (vs $2.75 billion estimate).

Looking across, PNC and Citi (C) also reported a strong earnings beat with the credit details (allowance for credit losses of $5.4 billion was stable for the former) also not so far indicating signs of any major worries at this point.

More specifically, Citigroup (C) reported Q1 2023’s non-GAAP EPS at $1.86, up from $0.17. Citigroup’s revenue of $21.4 billion (up 12% YoY) topped expectations at $1.34 billion, posting an increase of 6% excluding the impact of divestitures, as higher net interest income was partially offset by lower non-interest income.

Citigroup's borrowing costs were approximately $2 billion in Q1 2023, compared to $800 million a year earlier, representing a net increase in allowances for credit losses (ACL) of $241 million on loans and unfunded liabilities, and other provisions reflecting a net increase of $432 million That primarily reflected a deteriorating macroeconomy and geopolitics and growth in PBWM revolving card balances.