Bank stocks are entering earnings season near the lows. JP Morgan Chase and Citigroup kick off the group's earnings season on Friday. Both are at 52-week lows. So is KeyCorp, Bank of America, Comerica and PNC. Banks haven't entered earnings season in this bad a shape since the early days of covid. With the S & P down 24% this year, most of the big banks are underperforming: Big banks in 2022 JP Morgan Chase - 35% Citigroup - 33% KeyCorp - 32% USBancorp - 31% PNC - 27% Most importantly, 2023 earnings expectations are very low: most of the major banks are trading at high single digit multiples, well below their historic averages: 2023 bank multiples (2023 P/E ests.) JP Morgan 8.1 Citigroup 6.0 KeyCorp 6.7 USBancorp 7.8 PNC 9.1 The SPDR Bank ETF (KBE), a basket of the largest bank stocks, routinely traded for a forward multiple between 12 and 14 for many years. This year, it has collapsed to 8. With the exception of the dark days of 2020, that is the lowest forward multiple in 10 years.