Well, that was a relief.
Loan growth — a source of much of the anxiety, particularly in commercial — is still up mid-to-upper single digits year-over-year, but may be decelerating. Net interest is holding up. Expense control is good.
For JPMorgan and Citigroup, the beats came largely on stronger trading revenue, particularly in fixed income. JPM saw fixed income trading up 48 percent, with Citigroup up 35 percent.
That's good, but other banks like Wells Fargo and PNC do not have those trading operations. So loan growth — and fee growth — is a much more important component.
For Wells Fargo, total average loans rose a respectable 7 percent year-over-year.
All the banks that reported started the trading day up, but fell mostly flat mid-morning. What happened?