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BUZZ-Big banks jump as investment banking powers Q4 profits

ReutersJan 15, 2025 3:28 PM

** Four major U.S. lenders report Q4 profit above analysts' estimates, mainly due to rebound in dealmaking activity that lifted investment banking fees

** JPMorgan Chase JPM.N up 1% to $250.19, bank reports record annual profit and Q4 earnings of $4.81/shr

** JPM reports 49% year-over-year rise in investment banking fees, 21% rise in trading revenue

** Wells Fargo WFC.N up 5.8% to $75.23, shares hit more than one-month high; company posts Q4 adj earnings of $1.58/shr vs est $1.35/shr; reports 59% rise in investment banking fees

** Citigroup C.N up 6% at $77.94, highest since June 2021: Reports Q4 net income of $2.9 bln, or $1.34 per share after reporting loss in Q3

** Citi also announces $20 bln buyback program

** Goldman Sachs GS.N up 5.9% to more than one-month high of $605.50: Company reports biggest profit since Q3 2021, earns $11.95/shr versus $8.22 forecast

** BNY BK.N rises 5.7% to $80.33 after beating profit estimates, fee revenue rises 9% from year-ago quarter

** Bank of America BAC.N up 3.2% ahead of results on Friday

** S&P 500 Banks index .SPXBK up 2.8%, set for best day since November

(Reporting by Lisa Mattackal)

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