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Goldman Sachs has published analysis on recent bank earnings, highlighting specific misses at JPMorgan Chase and Wells Fargo.
For JPMorgan Chase, the firm noted a headline earnings per share miss, partially attributed to noise, while core earnings per share remained relatively in line. Core revenue was weaker than expected due to lower fees.
A significant factor in the quarter was a sharp reduction in share buybacks, which fell to approximately $1 billion from $6.7 billion in the previous quarter.
Common equity tier 1 capital declined by 30 basis points quarter over quarter to 13.9%, a move driven by higher rates, accumulated other comprehensive income, and risk-weighted asset growth.
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