First-quarter earnings season kicks off today with several Big Banks reporting their results: JPMorgan Chase & Co. (JPM), Citigroup (C), and Wells Fargo (WFC). While all three of the major banks topped their earnings estimates, their stocks are showing mixed reactions. Yahoo Finance's Madison Mills joins the Morning Brief to break down the first wave of bank earnings, citing JPMorgan CEO Jamie Dimon's outlook on the US economy and the significance of net interest income for banks amid higher for longer interest rates. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Luke Carberry Mogan.
First-quarter earnings season kicks off today with several Big Banks reporting their results: JPMorgan Chase & Co. (JPM), Citigroup (C), and Wells Fargo (WFC). While all three of the major banks topped their earnings estimates, their stocks are showing mixed reactions.
Yahoo Finance's Madison Mills joins the Morning Brief to break down the first wave of bank earnings, citing JPMorgan CEO Jamie Dimon's outlook on the US economy and the significance of net interest income for banks amid higher for longer interest rates.
For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.
This post was written by Luke Carberry Mogan.
The Wall Street Journal
JPMorgan Chase's first-quarter earnings rose 6%, but the bank projected muted growth for the rest of the year. Its shares (JPM) were down 2.7% in recent premarket trading. + Net interest income, the difference between what it earns on loans and securities minus what it pays depositors, rose 11% to $23.08 billion.
Barrons.com
Chief Financial Officer Michael Santomassimo said that while the bank continues to see progress on how it's operating, the timing of when Wells Fargo's asset cap gets lifted will ultimately "be up to the regulators." The Federal Reserve capped the bank's assets at 2017 levels of just under $2 trillion after Wells Fargo admitted employees had created millions of unauthorized accounts for clients.
Reuters
OpenAI Chief Executive Sam Altman has hosted hundreds of Fortune 500 company executives in San Francisco, New York and London this month where he and other OpenAI executives pitched AI services for corporate use, going head to head in some cases with financial backer Microsoft, attendees told Reuters. Altman directly addressed more than 100 executives in each city at the events, according to attendees who spoke on the condition of anonymity. At each event, Altman and chief operating officer Brad Lightcap offered product demonstrations, including ChatGPT Enterprise, the enterprise grade of its famous chatbot that generates text from simple prompts, software to connect customer applications to its AI services known as APIs, and its new text-to-video models.
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