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The Zacks Analyst Blog Highlights JPMorgan, Citigroup and Bank of America
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For Immediate Release
Chicago, IL – April 10, 2026 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: JPMorgan (JPM - Free Report) , Citigroup (C - Free Report) and Bank of America (BAC - Free Report) .
Here are highlights from Thursday’s Analyst Blog:
Is JPMorgan a Buy Ahead of Q1 Earnings with a Volatile Geopolitical Backdrop?
JPMorgan is slated to report first-quarter 2026 earnings on April 14. As the largest U.S. bank, its earnings are closely scrutinized for signals on the broader financial sector and serve as a bellwether for other banks' performance for the quarter.
JPM's 2025 performance was impressive, driven by strong investment banking (IB) and trading, as well as remarkable growth in credit card and wholesale loans. The company's upcoming quarterly results will likely be solid. The Zacks Consensus Estimate for revenues of $48.2 billion suggests a 6.4% year-over-year rise.
In the past week, the consensus estimate for first-quarter earnings has moved marginally lower to $5.41. This indicates a 6.7% increase from the prior-year quarter's level, as robust capital markets performance and decent loan demand offer support.
JPMorgan has an impressive earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, with the average beat being 7.75%.
Major Factors to Shape JPMorgan's Q1 Earnings
Net Interest Income (NII): In the first quarter, the Federal Reserve kept interest rates unchanged. This, along with a solid lending scenario and stabilizing funding/deposit costs, is expected to have offered much-needed support to JPM's NII. Per the Fed's latest data, the demand for commercial and industrial and consumer loans was impressive in the first two months of the quarter, while real estate loan demand was subdued.
The Zacks Consensus Estimate for NII (reported) of $25.6 billion suggests a 10.1% jump on a year-over-year basis.
Investment Banking (IB) Fees: Deal-making activity was impressive in the first quarter of 2026, despite the Middle Eastern conflict and the ensuing uncertainty about its impact on the economy in the last month of the quarter. While global mergers and acquisitions (M&As) volume declined year over year, deal value was up as big transactions dominated the space.
Unlike last year, when President Trump's announcement of 'Liberation Day' tariff plans led to the deal drought for several months, this time, companies acknowledged that volatility is part of life, and they will have to do business around it. Lower capital costs and a focus on scale and AI integration drove the M&As. Also, JPMorgan's leadership in the space is likely to have aided advisory fees.
The first quarter saw decent IPO activity, with issuance volume improving despite fewer companies getting listed. On the other hand, global bond issuance volume was solid. Thus, growth in JPM's underwriting fees (accounting for almost 60% of total IB fees) is expected to have been strong during the to-be-reported quarter.
Management expects IB fees to rise in the mid-teen percentage in the first quarter of 2026, potentially trending toward the high teens.
The consensus estimate for IB revenues (in the CIB segment) of $2.9 billion implies a surge of 28% from the prior-year quarter.
Markets Revenues: Client activity and market volatility were strong in the first quarter. Major factors that impacted trading business in the quarter included shifting expectations around AI, rising geopolitical tensions, particularly concerns over the Middle East and the risk of an oil shock, persistent inflation concerns and uncertainty around the Fed's monetary policy stance. Volatility was high in equity markets and other asset classes, including commodities, bonds and foreign exchange. Hence, JPMorgan is likely to have recorded robust growth in markets revenues (comprising nearly 20% of the company's total revenues) this time around.
Management expects markets revenues for the first quarter to grow at a mid-teens percentage rate on a year-over-year basis.
The Zacks Consensus Estimate for equity markets revenues is pegged at $4.77 billion, suggesting a jump of 25% from the prior-year quarter. The consensus estimate for fixed-income markets revenues of $6.78 billion indicates growth of 16%.
Mortgage Banking Fees: The first quarter was challenging for the mortgage banking business. It was characterized by elevated mortgage rates, hovering around 6.0-6.5%, and low affordability. While purchase volume faced pressure from inventory constraints, refinance activity has seen a slight boost from 2025 lows. As such, JPMorgan is expected to have posted a modest increase in mortgage banking fees in the to-be-reported quarter.
The consensus estimate for mortgage fees and related income of $327.3 million implies a 17.7% increase from the prior-year quarter's level.
Expenses: JPMorgan's plan of entering new markets by opening branches, which is already on track, along with efforts to expand the product suite, is likely to have resulted in an increase in operating expenses in the first quarter. Also, investments in technology to strengthen digital offerings might have led to higher costs.
Asset Quality: JPMorgan is likely to have set aside a huge amount of money for potential delinquent loans amid a challenging operating backdrop marked by the Middle East conflict and the apprehensions surrounding the private credit markets.
The Zacks Consensus Estimate for non-performing loans of $10.62 billion implies a 23.2% rise year over year. The consensus estimate for non-performing assets of $11.18 billion suggests a 22.7% jump.
What Our Model Unveils for JPMorgan
Per our proven model, the chances of an earnings beat for JPMorgan are high this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is the case here, as you can see below.
JPMorgan has an Earnings ESP of +1.32%. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
JPMorgan shares delivered a weak performance in the first quarter, falling behind the S&P 500 Index. The stock lagged behind Citigroup, while performing better than Bank of America.
Citigroup is slated to announce quarterly numbers on the same day as JPMorgan, while Bank of America will announce first-quarter 2026 numbers on April 15.
JPM's shares appear slightly expensive relative to the industry. The stock is currently trading at a forward 12-month price/earnings (P/E) of 13.47X, which is above the industry's 12.80X.
Also, JPM stock is trading at a premium compared with Citigroup and Bank of America. At present, Citigroup has a forward P/E of 10.63X, while Bank of America's forward P/E is 10.90X.
JPMorgan's Q1 Earnings to Test Resilience
JPMorgan is well-positioned to benefit from its scale, diversified business mix and leading market positions across key segments. Its 2023 acquisition of First Republic Bank continues to bolster financial performance, while regional branch expansion and cross-selling efforts should support future growth. Although these initiatives may keep expenses elevated, they also strengthen the bank's competitive moat and long-term growth outlook.
However, the volatile nature of capital markets is expected to keep fee income growth subdued, and persistent asset quality pressures may remain a concern.
Investors should closely watch management's commentary on how geopolitical risk and market volatility affected performance and how the firm plans to navigate the current environment. Any revisions to JPMorgan's 2026 guidance for NII, IB, non-interest expense and asset quality will be especially important given recent macro developments. Broader macroeconomic and policy trends that could materially shape the company's performance trajectory should also be carefully considered.
Existing shareholders may hold JPM stock, given its strong fundamentals and proven resilience. Potential investors, on the other hand, should carefully weigh these factors and assess their risk tolerance before initiating new positions.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights JPMorgan, Citigroup and Bank of America
For Immediate Release
Chicago, IL – April 10, 2026 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: JPMorgan (JPM - Free Report) , Citigroup (C - Free Report) and Bank of America (BAC - Free Report) .
Here are highlights from Thursday’s Analyst Blog:
Is JPMorgan a Buy Ahead of Q1 Earnings with a Volatile Geopolitical Backdrop?
JPMorgan is slated to report first-quarter 2026 earnings on April 14. As the largest U.S. bank, its earnings are closely scrutinized for signals on the broader financial sector and serve as a bellwether for other banks' performance for the quarter.
JPM's 2025 performance was impressive, driven by strong investment banking (IB) and trading, as well as remarkable growth in credit card and wholesale loans. The company's upcoming quarterly results will likely be solid. The Zacks Consensus Estimate for revenues of $48.2 billion suggests a 6.4% year-over-year rise.
In the past week, the consensus estimate for first-quarter earnings has moved marginally lower to $5.41. This indicates a 6.7% increase from the prior-year quarter's level, as robust capital markets performance and decent loan demand offer support.
JPMorgan has an impressive earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, with the average beat being 7.75%.
Major Factors to Shape JPMorgan's Q1 Earnings
Net Interest Income (NII): In the first quarter, the Federal Reserve kept interest rates unchanged. This, along with a solid lending scenario and stabilizing funding/deposit costs, is expected to have offered much-needed support to JPM's NII. Per the Fed's latest data, the demand for commercial and industrial and consumer loans was impressive in the first two months of the quarter, while real estate loan demand was subdued.
The Zacks Consensus Estimate for NII (reported) of $25.6 billion suggests a 10.1% jump on a year-over-year basis.
Investment Banking (IB) Fees: Deal-making activity was impressive in the first quarter of 2026, despite the Middle Eastern conflict and the ensuing uncertainty about its impact on the economy in the last month of the quarter. While global mergers and acquisitions (M&As) volume declined year over year, deal value was up as big transactions dominated the space.
Unlike last year, when President Trump's announcement of 'Liberation Day' tariff plans led to the deal drought for several months, this time, companies acknowledged that volatility is part of life, and they will have to do business around it. Lower capital costs and a focus on scale and AI integration drove the M&As. Also, JPMorgan's leadership in the space is likely to have aided advisory fees.
The first quarter saw decent IPO activity, with issuance volume improving despite fewer companies getting listed. On the other hand, global bond issuance volume was solid. Thus, growth in JPM's underwriting fees (accounting for almost 60% of total IB fees) is expected to have been strong during the to-be-reported quarter.
Management expects IB fees to rise in the mid-teen percentage in the first quarter of 2026, potentially trending toward the high teens.
The consensus estimate for IB revenues (in the CIB segment) of $2.9 billion implies a surge of 28% from the prior-year quarter.
Markets Revenues: Client activity and market volatility were strong in the first quarter. Major factors that impacted trading business in the quarter included shifting expectations around AI, rising geopolitical tensions, particularly concerns over the Middle East and the risk of an oil shock, persistent inflation concerns and uncertainty around the Fed's monetary policy stance. Volatility was high in equity markets and other asset classes, including commodities, bonds and foreign exchange. Hence, JPMorgan is likely to have recorded robust growth in markets revenues (comprising nearly 20% of the company's total revenues) this time around.
Management expects markets revenues for the first quarter to grow at a mid-teens percentage rate on a year-over-year basis.
The Zacks Consensus Estimate for equity markets revenues is pegged at $4.77 billion, suggesting a jump of 25% from the prior-year quarter. The consensus estimate for fixed-income markets revenues of $6.78 billion indicates growth of 16%.
Mortgage Banking Fees: The first quarter was challenging for the mortgage banking business. It was characterized by elevated mortgage rates, hovering around 6.0-6.5%, and low affordability. While purchase volume faced pressure from inventory constraints, refinance activity has seen a slight boost from 2025 lows. As such, JPMorgan is expected to have posted a modest increase in mortgage banking fees in the to-be-reported quarter.
The consensus estimate for mortgage fees and related income of $327.3 million implies a 17.7% increase from the prior-year quarter's level.
Expenses: JPMorgan's plan of entering new markets by opening branches, which is already on track, along with efforts to expand the product suite, is likely to have resulted in an increase in operating expenses in the first quarter. Also, investments in technology to strengthen digital offerings might have led to higher costs.
Asset Quality: JPMorgan is likely to have set aside a huge amount of money for potential delinquent loans amid a challenging operating backdrop marked by the Middle East conflict and the apprehensions surrounding the private credit markets.
The Zacks Consensus Estimate for non-performing loans of $10.62 billion implies a 23.2% rise year over year. The consensus estimate for non-performing assets of $11.18 billion suggests a 22.7% jump.
What Our Model Unveils for JPMorgan
Per our proven model, the chances of an earnings beat for JPMorgan are high this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is the case here, as you can see below.
JPMorgan has an Earnings ESP of +1.32%. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
JPM carries a Zacks Rank #3 at present. You can see the complete list of today's Zacks #1 Rank stocks here.
JPMorgan's Price Performance & Valuation Analysis
JPMorgan shares delivered a weak performance in the first quarter, falling behind the S&P 500 Index. The stock lagged behind Citigroup, while performing better than Bank of America.
Citigroup is slated to announce quarterly numbers on the same day as JPMorgan, while Bank of America will announce first-quarter 2026 numbers on April 15.
JPM's shares appear slightly expensive relative to the industry. The stock is currently trading at a forward 12-month price/earnings (P/E) of 13.47X, which is above the industry's 12.80X.
Also, JPM stock is trading at a premium compared with Citigroup and Bank of America. At present, Citigroup has a forward P/E of 10.63X, while Bank of America's forward P/E is 10.90X.
JPMorgan's Q1 Earnings to Test Resilience
JPMorgan is well-positioned to benefit from its scale, diversified business mix and leading market positions across key segments. Its 2023 acquisition of First Republic Bank continues to bolster financial performance, while regional branch expansion and cross-selling efforts should support future growth. Although these initiatives may keep expenses elevated, they also strengthen the bank's competitive moat and long-term growth outlook.
However, the volatile nature of capital markets is expected to keep fee income growth subdued, and persistent asset quality pressures may remain a concern.
Investors should closely watch management's commentary on how geopolitical risk and market volatility affected performance and how the firm plans to navigate the current environment. Any revisions to JPMorgan's 2026 guidance for NII, IB, non-interest expense and asset quality will be especially important given recent macro developments. Broader macroeconomic and policy trends that could materially shape the company's performance trajectory should also be carefully considered.
Existing shareholders may hold JPM stock, given its strong fundamentals and proven resilience. Potential investors, on the other hand, should carefully weigh these factors and assess their risk tolerance before initiating new positions.
Why Haven't You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +7.7% average gain per year. Amazingly, they soared with average gains of +48.4%, +50.2% and +56.7% per year.
Today you can access their live picks without cost or obligation.
See Stocks Free >>
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.