Wells Fargo, BofA, Citi Report Tomorrow: What to Watch
Three major banks report Wednesday morning after JPMorgan's beat. NII guidance and credit card commentary will drive the action.
JPMorgan set the bar this morning. Now three more banks have to clear it.
Wells Fargo, Bank of America, and Citigroup all report before Wednesday's open. After JPMorgan's 40% surge in equities trading drove a beat, the question is whether the other money-center banks saw similar strength—and whether their consumer businesses held up under pressure.
Here's what analysts expect and what could move the stocks.
Wells Fargo (WFC) — 7:00 a.m. ET
Wells has the most to prove. The bank remains under regulatory constraints from its fake accounts scandal, and CEO Charlie Scharf has made expense management a priority.
| Metric | Estimate |
|---|---|
| EPS | $1.66 |
| Revenue | $21.6 billion |
| NII | ~$12.5 billion |
The Zacks consensus calls for 16.9% earnings growth year-over-year, driven by improving efficiency rather than revenue expansion. Wells doesn't have JPMorgan's trading operation, so it can't mask NII pressure with capital markets strength.
Watch for commentary on the asset cap—the Fed limit on Wells' balance sheet that's remained in place since 2018. Any signal that removal is approaching would be a catalyst.
Bank of America (BAC) — Before Open
BofA is the most interest rate-sensitive of the big banks, which made it a consensus favorite when rates were rising. Now that the Fed has cut 175 basis points since September 2024, that sensitivity works in reverse.
| Metric | Estimate |
|---|---|
| EPS | $0.79 |
| Revenue | $25.4 billion |
| NII | ~$14.2 billion |
Management previously guided to 5-7% NII growth in 2026—confident talk given the rate environment. Wednesday's report will show whether Q4 tracking supports that optimism.
Commercial loan demand grew 13% in the final months of 2025, according to recent Fed data. If BofA confirms that trend, it suggests business investment is holding up despite uncertainty over Trump administration policies and tariff risks.
Citigroup (C) — Before Open
Citi is mid-turnaround under CEO Jane Fraser, who's cutting 20,000 jobs and exiting non-core businesses. The restructuring is nearly complete, and 2026 should show cleaner results.
| Metric | Estimate |
|---|---|
| EPS | $1.67 |
| Revenue | $20.6 billion |
| ROTCE Target | 10-11% |
The return on tangible common equity target is the key metric for Citi bulls. Hitting 10-11% in 2026 would represent significant progress from years of underperformance versus peers.
Citi's credit card business is substantial—and directly in the crosshairs of Trump's rate cap proposal. Management will face questions about how a 10% ceiling would affect profitability. Their answers could move the entire sector.
Trading Expectations
Options market pricing suggests:
- WFC: ~3.5% expected move
- BAC: ~3.2% expected move
- C: ~4.0% expected move
Citi has the highest implied volatility, reflecting restructuring uncertainty and credit card exposure. All three are pricing in smaller moves than JPMorgan saw (3.75% expected, minimal actual).
What JPMorgan Told Us
JPMorgan's results offer a template for what to expect:
- Trading: Strong. Hedge fund activity drove equities revenue.
- NII: Stable. Rate cuts haven't crushed spreads yet.
- Consumer: Resilient. Spending continues despite macro noise.
- Outlook: Cautious optimism with caveats about asset prices.
If Wells, BofA, and Citi echo these themes, bank stocks could consolidate recent gains. If consumer credit shows cracks or NII guidance disappoints, the sector has further to fall.
Goldman Sachs and Morgan Stanley report Thursday, completing the bank earnings picture. Together, these six reports will set the tone for financials through Q1—and tell us whether last year's 40% sector rally has more room to run.