JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. kick off second-quarter earnings season Friday after one of the choppiest three-month periods for the banking sector since the global financial crisis.
While Silicon Valley Bank and Signature Bank failed in the first quarter, the second quarter saw the collapse of First Republic Bank and stock-price swoons by regional banks, even as larger banks booked some deposit inflows. Also in the mix is a changing regulatory environment, with banks on the hook for potential increases in capital requirement to meet the international Basel III guidelines as part of a regulatory changes by Michael Barr, vice chair of supervision for the Fed.
Some of those names include PacWest Bancorp PACW , Western Alliance Bancorp WAL and Zions Bancorp ZION . Meanwhile, JPMorgan Chase CEO Jamie Dimon has remained visible on the lecture circuit and has been toying with the idea of public office at some point, while assuring investors he plans to stay on at the bank for the time being.
Analysts now expect Bank of America to report earnings of 84 cents a share, down from a forecast of 86 cents a share on March 31. Analysts also expect the bank to report revenue of about $25.05 billion.