Investors' biggest fear about the finance industry – that the big banks' main profit-making engine will sputter – is becoming apparent.
Morgan Stanley generated $2.4 billion in first-quarter profit, or $1.39 per share, versus the $1.17 estimate of analysts surveyed by Refinitiv.
CEO Brian Moynihan has focused on methodically trimming costs while looking for "responsible growth" opportunities.
The lion's share of Goldman's profit beat came from setting aside less for pay than analysts had expected, according to Citigroup analysts.
It's only Goldman Sachs CEO David Solomon's second quarter running the bank, but analysts will have plenty of questions for him.
Fears that a recession is on the horizon spiked last month when bond markets gave signals that confidence in the economy is dimming.
J.P. Morgan's results may allay investors' fears after the industry's stocks under-performed in the first quarter.
Citigroup President Jamie Forese will retire after more than three decades at the investment bank, according to an internal memo seen by CNBC and confirmed by a Citi official.
Bank of America's "Life Plan" is an automated financial coach to help customers buy a home or save for retirement.
The bank executives pointed to risks outside the walls of their firms.