Overview
- Following Thursday releases from BNY, U.S. Bancorp and Charles Schwab, first‑quarter reports across major banks and brokers topped expectations on stronger trading, deal fees and net interest income.
- Citigroup posted $5.8 billion in profit and bought back $6.3 billion of stock, while adding $597 million to credit reserves, recording about $500 million of severance and outlining next steps to exit its Banamex stake.
- PNC’s profit rose after it closed the FirstBank deal in January, lifting loans and deposits and helping push net interest income up 14% with net interest margin at 2.95%.
- Custody and wealth engines accelerated as client money moved and markets swung, with BNY’s assets under custody at $59.4 trillion and Schwab’s client assets at a record $11.8 trillion alongside $2.4 billion of repurchases and a higher dividend.
- Banks emphasized positive operating leverage and larger shareholder payouts, yet they pointed to geopolitical risks in the Middle East and evolving capital rules as potential brakes on loan growth, fees and buyback plans.