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]

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 ...

（来源：吴说） 来源：市场资讯 JPMorgan 分析师预计，在 2025 年加密市场录得近 1,300 亿美元的历史性资金流入、同比增长约三分之 一后，2026 年整体资金流入仍有望继续上升，但主要驱动力将更多来自机构投资者。分析指出，2025 年的资金增长主要由比特币和以太坊 ETF 以及数字资产财库（DAT）公司的配置推动，而 CME 期货所 反映的机构参与度则较 2024 年明显放缓。（The Block） ...

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America ("U.S.†), with operations worldwide. JPMorganChase had $4.4 trillion in assets and $362 billion in stockholders' equity as of December 31, 2025. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in th ...

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 ...

Key insight: Bank CEOs are expressing alarm about the potential impacts of President Trump's call for a 10% limit on credit-card interest rates.What's at stake: Credit-card interest rates are an important source of income for banks with large card portfolios. Enacting a cap would cut into banks' earnings, analysts said.Forward look: Though Trump told banks to implement the rate reduction by Jan. 20, few think the demand will be met.Brian Moynihan is usually very careful to avoid commenting on politics, part ...

The fourth quarter earnings season kicked off in earnest on Tuesday with the arrival of quarterly reports from Delta Air Lines (DAL) and JPMorgan Chase (JPM). Additional bank earnings will highlight the earnings calendar later this week. An optimistic consensus is forming: Wall Street analysts estimate S&P 500 (^GSPC) companies will report an earnings per share growth rate of 8.3% for Q4, according to FactSet data. If that rate holds, it would represent the 10th consecutive quarter of annual earnings grow ...

Mark Mason, CEO of Citi Private Bank, speaks during the Global Wealth Management Summit in New York June 17, 2014.The biggest U.S. banks show no sign of capitulating to President Donald Trump's mandate to slash credit card interest rates, setting up a confrontation just as the President is expected to take the world stage next week at Davos.Executives at JPMorgan Chase and Citigroup warned this week that rather than offering cards at a 10% interest rate, as Trump has directed should happen by Jan. 20, the b ...

JPMorgan Chase & Co. (NYSE:JPM) is set to report its fourth-quarter results before markets open on Tuesday, kickstarting the bank earnings season. Leading analysts expect the company to set the tone for the entire industry in 2026, with several key catalysts lining up. Dealmaking Set To Replace Rate-Driven Profits? “The story for 2026 is really going to be about deal-making,” said Alexis Garcia, Senior Editor at Investor’s Business Daily, noting that investment banking and trading revenue will be a key hi ...