格隆汇1月15日｜花旗报告指出，美国银行公布第四季业绩后股价下跌3.8%，市场反应或过度，主要因 投资者对2026年营运杠杆指引的负面解读，担心营运开支增长加快，加上管理层未有为开支设定上限， 导致抛售压力。然而，花旗认为市场尚未充分认识美银净息差修复后的正常化盈利能力，当前股价提供 吸引力。花旗预计，美国银行2026年营运杠杆将略高于指引的200个基点，营运开支预计按年增长约 4%，而净利息收入年复合增长率可达5%至7%。有形股本回报率(ROTCE)预计2026年达15%，2027年进 一步提升至16%，甚至可能提前达标。花旗重申对美银的"买入"评级，目标价62美元。 ...

2026.01.15 本文字数：1959，阅读时长大约3分钟 作者 |第一财经 樊志菁 本周，美国大型银行开启了新财报季的序幕，行业延续净利息收入高增长、交易业务强劲的表现。然而 金融板块股价却跌跌不休，行业内部对美国总统特朗普的信用卡政策有所担忧，并普遍对美国政府起诉 美联储主席鲍威尔表达了质疑。 贷款需求反映经济韧性 标普全球市场情报的分析师在本周发布的一份报告中指出："在宏观经济企稳和信贷环境向好的推动 下，我们对2026年银行业增长势头延续持乐观态度。"该机构估算，截至2025年底，美国银行业整体贷 款规模同比增幅已大幅提升至5.3%。 信用卡利率上限政策隐忧 不过，在地缘政治紧张局势加剧、政策不确定性上升的背景下，银行也面临着潜在的发展阻力。 虽然大型银行有望从特朗普政府监管机构推出的资本减免政策中获益，但其他政策提案可能会对其造成 冲击，其中就包括总统上周意外提出的将信用卡利率上限设定为10%的计划。 毕马威美国银行业主管托伦特（Peter Torente）在邮件中表示："2026年，银行业在追逐增长的同时， 需高度警惕复杂的风险环境，其中涵盖地缘政治紧张局势、经济波动以及非银行机构带来的竞争压力 ...

智通财经APP注意到，尽管美国人似乎正深陷负担能力危机，但该国的大型银行并未感受到这种压力。消费者支出正在增长，居民在储蓄的同时也在进行投 资，而坏账信用卡的损失正在下降。这与调查报告中显示的消极情绪以及对物价高企的阵阵抱怨形成了一个谜团，但在贷款机构看来，至少2026年的经济前 景表现强劲。 这是本周美国银行(BAC.US)、花旗集团(C.US)、摩根大通(JPM.US)和富国银行(WFC.US)在第四季度财报中传达的信息。各家高管均表示，家庭和小企业保 持了韧性。这些机构一直在关注形势是否恶化，但目前并未发现。 摩根大通首席执行官杰米.戴蒙周二表示，未来6到12个月的情况看起来相当积极。"消费者有钱，"他表示，"尽管就业市场略有疲软，但工作岗位依然存 在。还有来自'大美丽法案'的大量刺激资金正在涌入。" 美国银行首席财务官阿拉斯泰尔.博思威克在周三补充称，消费者正处于"极佳状态"。尽管整体经济的储蓄率开始下降，但博思威克并未发现人们为了维持 生计而增加借贷、减少储蓄的迹象。 截至2025年底，美银零售客户持有的投资资产增长了16%，达到约6000亿美元，这主要得益于全年190亿美元的资金流入。 "消费者的 ...

本周，美国大型银行开启了新财报季的序幕，行业延续净利息收入高增长、交易业务强劲的表现。然而 金融板块股价却跌跌不休，行业内部对美国总统特朗普的信用卡政策有所担忧，并普遍对美国政府起诉 美联储主席鲍威尔表达了质疑。 贷款需求反映经济韧性 标普全球市场情报的分析师在本周发布的一份报告中指出："在宏观经济企稳和信贷环境向好的推动 下，我们对2026年银行业增长势头延续持乐观态度。"该机构估算，截至2025 年底，美国银行业整体贷 款规模同比增幅已大幅提升至5.3%。 尽管特朗普政府大规模加征进口关税，但美国经济与美国消费者依旧表现出较强韧性，这在一定程度上 得益于人工智能产业热潮以及美联储的降息举措。目前市场预计，美联储年内还将再降息两次。 美国银行周三发布的财报显示，其平均贷款规模同比增长8%，净利息收入（即贷款利息收入与存款利 息支出的差额）飙升至159亿美元的历史新高。在投资者眼中，贷款规模增长既是银行业务向好的积极 信号，也是整体经济强劲的重要体现。美国银行首席财务官博思威克（Alastair Borthwick）在电话财报 会议上表示："所有消费信贷品类均实现增长，这为四季度业绩提供了助力。不过总体而言， ...

Core Insights - The market's reaction to Q4 results from major banks like JPMorgan, Bank of America, and Citigroup suggests a disappointing performance, but the underlying results and outlook are not negative, indicating a 'sell-the-news' scenario after prior outperformance [2] - Citigroup has significantly outperformed its peers and the broader market over the past year, driven by investor confidence in its new management's restructuring plans, while JPMorgan continues to benefit from its reputation for operational excellence [3] - Despite the recent downturn in share prices for Citigroup, Bank of America, and JPMorgan since the start of the year, the Q4 earnings results have contributed to this trend [4] Earnings Performance - Total earnings for 25 S&P 500 members reporting Q4 results are up 17.9% year-over-year, with revenues increasing by 7.8%, and 88% of companies beating EPS estimates while 72% exceeded revenue estimates [5] - The Q4 earnings growth pace indicates an acceleration compared to the first three quarters of 2025, with total S&P 500 earnings expected to rise by 8.5% year-over-year in Q4 2025 [5] - The positive trend in corporate earnings estimates has been noted, with expectations for continued growth across various sectors as the Q4 earnings season progresses [5] Macroeconomic Outlook - Management teams have provided reassuring commentary on macroeconomic conditions, highlighting favorable consumer spending and stable credit quality trends, with a positive outlook for loan demand and investment banking advisory services [6] - However, growth in these areas may be delayed due to policy uncertainties, including tariffs and Federal Reserve actions, while ongoing discussions about credit card plans present headwinds [6] Sector Insights - The Finance sector, which includes major players like JPMorgan, Citigroup, and Bank of America, accounts for approximately two-thirds of the sector's total earnings, with blended Q4 earnings and revenue growth expectations outlined [7] - The Tech sector is projected to contribute 35.9% of the S&P 500's total earnings over the next four quarters and currently represents 43.1% of the index's total market capitalization, driven by a positive estimate revision trend [16]

Bank of America Corporation (NYSE:BAC) reported fourth-quarter financial results that beat analyst estimates Wednesday morning. Management commentary points to artificial intelligence initiatives helping to grow customer accounts and help with hiring costs. • Bank of America stock is showing positive momentum. What’s the outlook for BAC shares?Bank of America Grows AccountsShares of Bank of America traded lower on Wednesday, despite the strong report that beat analyst estimates. The company's outlook and ov ...

三大美股指进入2026年来首次两连跌，其中纳指跌1%、创近一个月最大跌幅；技股拖垮大盘，"科技七巨头"齐收跌，微软、亚马逊、Meta跌超2%；芯片指 数止步三连涨，博通跌超4%；尽管四季度业绩优于预期，美国银行和花旗仍分别收跌近4%和超3%，四季度利润逊色的富国银行跌超4%。中概股携程跌 17%。 欧美国债价格齐涨，十年期英债收益率创13个月新低，十年期美债收益率刷新一周低位。美元指数逼近四周高位后转跌；日本财相警告不排除任何手段干预 汇市后，连创一年半新低的日元转涨；离岸人民币小幅反弹、盘中曾重新站上6.97；加密货币继续走高，比特币一度较日低涨近4%、涨破9.7万美元创将近 两个月新高。 华见早安之声 市场概述 金属重启狂欢：金银连续三日创盘中历史新高，盘中黄金涨超1%、期银涨近8%；伦锡一度涨11%、和伦铜盘中齐创历史新高，伦镍收涨近6%、创一年半新 高。原油盘中跳水：特朗普言论似乎传递美伊局势缓和信号，盘中曾涨约2%的原油一度跌超3%。 亚洲时段，时隔十年融资保证金比例再提高，A股全天成交逼近4万亿，AI应用大涨，港股阿里拉升超5%，沪锡涨停、沪银涨超8%。 要闻 中国外贸加速回暖，12月以美元计价出 ...

Market - US stock market experienced a decline for the second consecutive day, with the Dow, Nasdaq, and S&P 500 all falling, primarily driven by poor performance in technology stocks, particularly chip stocks like Nvidia, which dropped due to export restrictions [2] - Bank stocks also struggled, with Wells Fargo's revenue falling short of expectations, while Bank of America and Citigroup exceeded expectations but could not support the high market levels. The banking sector faced additional pressure from Trump's call for credit card interest rate reforms [2] - Despite strong PPI and retail sales data, the market remained low due to concerns over the independence of the Federal Reserve and rising geopolitical risks, particularly related to Iran [2] Company - Tesla announced it will stop selling its Full Self-Driving (FSD) software at a fixed price and will instead offer it as a monthly subscription service starting at $99, leading to a 1.79% drop in its stock price [3][33] - Cerebras secured a significant contract with OpenAI worth over $10 billion, committing to provide 750 MW of computing power by 2028, which will help reduce its reliance on a single customer [32] - Wells Fargo reported profits below expectations, with a significant $612 million spent on severance costs, leading to its stock experiencing the largest intraday drop in six months [40] - Bank of America reported a 23% increase in stock trading revenue to $2.02 billion, exceeding analyst expectations, but concerns over costs led to a 5% drop in its stock price [41] - Boeing announced it received 1,173 net orders in 2025, surpassing Airbus, although its stock fell 1.7% in early trading [42]

Key Takeaways Banks are knocking President Donald Trump's bid to cap credit card rates. Lenders this week panned a potential 10% limit on credit card interest rates during conference calls at which executives discussed their latest financial results. Bank leaders were vocal about a cap's potential to cut consumers' access to credit and curtail economic growth—though more circumspect about what it might mean for their business. Profits in the credit card segment are four times the banking industry average, a ...

Bank of America CEO Brian Moynihan hit back at President Trump’s proposal to slap a 10% cap on credit card interest rates for a year, becoming the latest Wall Street banker to warn that the policy could choke off credit access for millions and hurt the ordinary Americans it is supposed to help.“We’re all in for affordability,” Moynihan declared Wednesday during his bank’s earnings call — but he cautioned that slashing rates would trigger a credit crunch.“You’re going to get restricted credit, meaning less p ...