George Pearkes#$WFC miss
*WELLS FARGO 1Q NET INTEREST INCOME $12.10B, EST. $12.27B
*WELLS FARGO 1Q NET INTEREST MARGIN 2.47%, EST. 2.57%
*WELLS FARGO 1Q PROVISION FOR CREDIT LOSSES $1.14B, EST. $1.13B
*WELLS FARGO 1Q NET CHARGE-OFFS $1.10B, EST. $1.1B
*WELLS FARGO 1Q TOTAL AVERAGE LOANS $996.0B, EST. $980.17B
#$JPM beat on the first numbers we've gotten
*JPMORGAN 1Q ROE 19%, EST. 17.3%
*JPMORGAN 1Q ADJ. REV. $50.54B, EST. $49.26B
*JPMORGAN 1Q FICC SALES & TRADING REV $7.08B, EST. $6.65B
*JPMORGAN 1Q EQUITIES SALES & TRADING REV $4.48B, EST. $4.31B
Oops there's the bad news, they cut annual net interest income guide
*JPM SEES FY NET INTEREST INCOME ABOUT $103B, SAW ABOUT $104.5B
Looks like that $1.5bn cut was entirely in the investment bank side of the business, which is less "core" than the traditional bank. Would be curious what happened there, wonder if #$GS's big prime svcs beat was direct poaches?
*JPMORGAN STILL SEES FY NII EX-CIB MARKETS ABOUT $95B