JPM, C, WFC, GS: A look at how these major banks performed in Q4 2024

The earnings season has kicked off with several major banks reporting their financial results for the fourth quarter of 2024. JPMorgan (NYSE: JPM), Goldman Sachs (NYSE: GS), Citigroup (NYSE: C), and Wells Fargo (NYSE: WFC) released their Q4 reports on Wednesday. Here’s a look at how these banking giants ended the fiscal year:

JPMorgan

JPMorgan’s reported revenue increased 11% year-over-year to $42.7 billion in the fourth quarter of 2024. Managed revenue grew 10% to $43.7 billion. Earnings per share rose 58% to $4.81. Revenue and earnings beat estimates.

Net interest income was $23.5 billion, down 3% while noninterest revenue was $20.3 billion, up 29% YoY. Noninterest expense was $22.8 billion, down 7%.

In Q4, revenues in the Consumer & Community Banking (CCB) segment rose 1% YoY to $18.4 billion. In the Commercial & Investment Bank (CIB) segment, revenues increased 18% to $17.6 billion. Asset & Wealth Management (AWM) revenues were up 13% to $5.8 billion.

Goldman Sachs

Goldman Sachs reported revenues of $13.87 billion for Q4 2024, reflecting a YoY growth of 23%. Earnings per share more than doubled to $11.95. Both numbers surpassed projections.

Net interest income grew 75% to $2.34 billion and non-interest revenues increased 15% to $11.5 billion compared to last year.

GS recorded revenue growth across all its segments during the quarter. Revenues in Global Banking & Markets were $8.48 billion, up 33% YoY. Revenues in Asset & Wealth Management grew 8% to $4.72 billion. Platform Solutions revenues grew 16% to $669 million.

Citigroup

Citigroup posted revenues of $19.6 billion in Q4 2024, up 12% YoY. The company reported earnings of $1.34 per share compared to a loss of $1.16 per share last year. Both the top and bottom line numbers came above expectations.

Citigroup saw double-digit revenue growth across most of its segments. Services revenue grew 15% YoY to $5.2 billion in Q4. Markets revenues increased 36% to $4.6 billion. Banking revenues of $1.2 billion were up 27% YoY. Wealth revenues grew 20% to $2 billion. Revenues in US Personal Banking rose 6% to $5.2 billion.

Wells Fargo

Wells Fargo reported revenues of $20.4 billion for the fourth quarter of 2024, which was relatively flat compared to the year-ago period. Earnings per share jumped 66% to $1.43. While earnings beat estimates, revenues fell short.

Net interest income decreased 7% to $11.8 billion while non-interest income grew 11% to $8.5 billion compared to last year. Non-interest expense decreased 12% to $13.9 billion.

Wells Fargo saw revenues decline across most of its segments. Revenues in Consumer Banking and Lending decreased 6% YoY to $8.9 billion. Commercial Banking revenues fell 6% to $3.2 billion. Corporate and Investment Banking revenues were down 3% to $4.6 billion. Revenues in Wealth and Investment Management increased 8% to $3.95 billion.

Shares of JPMorgan were up 2% on Wednesday while shares of Goldman Sachs rose 5%. Citigroup’s stock jumped 7% while Wells Fargo’s stock was up 5%.

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