Goldman Sachs, Morgan Stanley and Bank of America get set to report first-quarter results after strong performances from Wall Street rivals JP Morgan and Citigroup

William Turvill
Follow William
Record Earnings Lead To Big Bonuses On Wall Street
Both JP Morgan Chase and Citigroup reported 17 per cent profit jumps for the first quarter last week (Source: Getty)

Wall Street is awaiting a second batch of US banking results this week after JP Morgan Chase and Citigroup both reported growing profits last week.

Goldman Sachs and Bank of America will release their latest earnings figures on Tuesday, followed by Morgan Stanley on Wednesday.

Read more: Trump bump: JP Morgan earnings smashed it again in the first quarter

At the end of last week, JP Morgan Chase and Citigroup both reported 17 per cent first-quarter profit jumps, buoyed by the election of Donald Trump and higher interest rates. Profits at troubled lender Wells Fargo, meanwhile, were flat.

According to an analysts’ consensus compiled by Yahoo Finance, Goldman Sachs is forecast revenues of $8.45bn (£6.73bn) for the first quarter, up 33 per cent on last year. Earnings per share, meanwhile, are expected to come in at $5.31, up from $2.68 in the first quarter of 2016.

Morgan Stanley is expected to report revenues of $9.29bn, up 19 per cent year-on-year. And its earnings per share are seen coming in at $0.88, up from $0.55.

Bank of America, meanwhile, is expected to report a turnover of $21.61bn, up 9.6 per cent on 2016, and earnings per share of $0.35, up from $0.28.

Read more: Wells Fargo profits remain flat as scandal continues to weigh on finances

In a report last week, S&P forecast global investment banks would boost their revenues by 10 per cent year-on-year in the first quarter of 2017. Over the year as a whole, it is expecting five per cent growth.

Thomson Reuters figures earlier in the month showed investment banking fees rocketed to a 10-year high in the first quarter, thanks to big mergers and acquisitions and the so-called “Trump bump”. Last year, fees are estimated to have dropped 7.1 per cent.

Related articles