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JPMorgan, Citi, Wells, Goldman Crush Q4 Earnings

Wall Street ended 2024 on a high note, providing investors with a sigh of relief as we enter the new year.

Photo of a Citigroup building
Photo by Mattbuck via CC BY-SA 2.0

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What a finale. 

It’s earnings week for the final quarter of 2024, which means Wall Street’s biggest firms are either patting themselves on the back or making excuses. Thankfully, Wall Street ended the year on a high note with some of America’s largest firms crushing analysts’ expectations for the fourth quarter. That gave retail investors — and the advice industry as a whole —  something to cheer about as we enter the new year.

More Wealth, Please

Citigroup was a standout, reporting earnings of $1.34 per share for the fourth quarter and annual revenue of more than $81 billion. Client assets in its wealth business also jumped to $587 billion at the end of the quarter, up 18% from the previous year. Now, the bank aims to scale up the division, according to a presentation released with the report.

“2024 was a critical year and our results show our strategy is delivering as intended and driving stronger performance in our businesses,” Citi CEO Jane Fraser said in a statement. For years, the wealth division has lagged competitors, plagued by tens of thousands of complaints each month. Citi tapped former Merrill Lynch exec Andy Sieg to oversee the unit in 2023. 

Happy New Year. Most of the industry’s wirehouses also opened up the books, with Goldman Sachs, JPMorgan, and Wells Fargo all delivering in the fourth quarter. 

Gabelli Funds portfolio manager Macrae Sykes said the industry’s fundamental growth was driven by strong gains in investment banking. He also pointed to the Bureau of Labor Statistics’ latest Consumer Price Index, telling The Daily Upside it was “icing on the operating cake” for firms moving forward. Most firms beat earnings expectations:

  • Goldman saw its full-year profits jump almost 70% year-over-year to about $14.3 billion. 
  • JPMorgan Chase posted quarterly earnings and revenues of $4.81 per share and roughly $43.74 billion, respectively. Its full-year profits rose to a record $58.5 billion.
  • Wells Fargo came in about $200 million below revenue expectations, but its earnings per share beat the mark, thanks to a rebound in dealmaking activity.