Earnings Season Is Underway! JPMorgan, Wells Fargo And Bank Of America Kick Things Off

Earnings season is in full force and bank companies were front-and-center on Friday. Here is a rundown of what some of the country's largest banks reported in their earnings report Friday morning.

JPMorgan

• JPMorgan Chase & Co. JPM reported it earned $1.71 per share in the fourth quarter on revenue of $23.4 billion.
• Wall Street analysts were expecting the company to earn $1.44 per share on revenue of $24.0 billion.
• CEO Jamie Dimon commented, "Our results this quarter were a strong end to another record year, reflecting our intense client focus and solid performance across our businesses."
• Shares of JPMorgan were trading around flat at $86.20 early Friday morning.

Wells Fargo

• Wells Fargo & Co WFC reported it earned $0.96 per share in the fourth quarter on revenue of $21.58 billion.
• Wall Street analysts were expecting the company to earn $0.97 per share on revenue of $22.45 billion.
• CEO Tim Sloan commented, "We continued to make progress in the fourth quarter in rebuilding the trust of our customers, team members and other key stakeholders. I am pleased with the progress we have made in customer remediation, the ongoing review of sales practices across the company and fulfilling our regulatory requirements for sales practices matters."
• Shares of Wells Fargo were trading lower by 0.46 percent at $54.25 early Friday morning.

Bank Of America

• Bank of America Corp BAC reported it earned $0.40 per share in the fourth quarter on revenue of $20.0 billion.
• Wall Street analysts were expecting the company to earn $0.38 per share on revenue of $20.9 billion.
• CEO Brian Moynihan commented, "We had strong results in 2016 because our strategy is working. We are lending more and seeing historically low charge-offs, which is what responsible growth is all about. Revenue was up modestly, but EPS grew by 15% as we continued to manage our expenses and create operating leverage."
• Shares of Bank of America were trading lower by 0.8 percent at $22.81 early Friday morning.

PNC Financial Services

• PNC Financial Services Group Inc PNC reported it earned $1.97 per share in the fourth quarter on revenue of $3.9 billion.
• Wall Street analysts were expecting the company to earn $1.85 per share on revenue of $3.9 billion.
• CEO William Demchak commented, "PNC delivered a solid year in 2016. Although the financial results finished slightly below 2015, this was due in part to our disciplined risk management efforts throughout the year to position PNC well in the current credit and interest rate cycle."
• Shares of PNC Financial were trading higher by 0.38 percent at $118.38 early Friday morning.