JPMorgan Chase has raised its net interest income forecast for 2025 after strong results in investment banking and trading helped it surpass profit expectations for the second quarter. JPMorgan Chase is a leading global financial services firm with assets of $US4.1 trillion. The bank now expects about $US95.5 billion ($147 billion) of NII, compared with an earlier estimate of nearly $US94.5 billion.
Citigroup’s shares briefly touched their highest since the 2008 financial crisis after the bank beat Wall Street estimates for second-quarter profit and said it plans to buy back at least $US4 billion in stock. Citi is a global bank serving more than 200 million customer accounts and doing business in more than 160 countries and jurisdictions. Citi’s markets revenue jumped 16 per cent to $US5.9 billion, its best performance since the second quarter of 2020, while investment banking fees rose 13 per cent.
Wells Fargo beat second-quarter profit estimates but cut its 2025 guidance for net interest income. The bank expects its interest income to be roughly in line with the 2024 level of $US47.7 billion. Wells Fargo said lower interest income in its markets business led to the NII forecast cut, though investment banking fees rose 9 per cent to $US696 million in the quarter.
BlackRock, the world’s largest money manager, said it took in less client cash than expected, largely because a single large institutional client pulled $US52 billion from a low-fee index strategy. Still, BlackRock pulled in money — $US68 billion overall — including $US22 billion to cash management accounts and $US9.8 billion in alternatives and $US85 billion in aggregate to ETFs. Client assets under management overall hit a record $US12.5 trillion.
