Q2 Earnings Setup: JPM, BAC, C, PNC, TFC, USB, WFC
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June 23, 2025 | Premium Service | In this issue of The Institutional Risk Analyst, we set up the top seven commercial banks for our Premium Service subscribers as we approach Q2 2025 earnings. Neither tariffs nor the military conflict with Iran seem to be fazing global markets. Housekeeping note: We are preparing to launch a new version of The IRA website in the next week or so. Your patience with the construction process is appreciated.
Below we assess JPMorgan (JPM), Bank of America (BAC), Citigroup (C), PNC Financial (PNC), Truist Financial (TFC) and U.S. Bancorp (USB). How will these industry leaders perform as the year unfolds? Will loan yields continue to fall in Q2 2025, a sign of building deflation in commercial credit. Can the banks grow at least nominal earnings w/o the Fed resuming quantitative easing? And what is the impact of passive investment strategies for bonds on bank asset returns?
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