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Banks Off to a Solid Start

JP Morgan was just one of the large banks reporting fourth-quarter earnings this week. Citigroup kicked off calendar fourth-quarter earnings season by reporting stronger-than-expected earnings of $1.61 in profit per share, besting Wall Street expectations of $1.55 per share.

Wells Fargo & Co. finished 2018 by posting a net income of nearly $6.1 billion, or $1.21 in diluted earnings per share.

Goldman Sachs generated $6.04 per share in profit for the fourth quarter of 2018, versus the $4.45 per share estimate of analysts surveyed by data company Refinitiv. The investment bank also posted revenue of $8.08 billion, beating estimates of $7.55 billion.

Bank of America’s earnings came in at 73 cents per share, beating the 63 cents expected. Revenue was $22.7 billion versus initial estimates of $22.397 billion.

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