Wells Fargo

JPMorgan, Citi start earnings season strong

Jamie Dimon, chairman & CEO of JP Morgan Chase
Jamie Dimon, chairman and CEO of JP Morgan Chase. Photo: Kena Betancur/AFP via Getty Images

JPMorgan Chase and Citigroup reported better-than-expected fourth-quarter earnings on Tuesday, while Wells Fargo missed.

What happened: JPMorgan's and Citigroup's stock both gained more than 1% while Wells Fargo dropped by over 5%.

Six of the biggest U.S. banks have weaknesses in their crisis plans

In this illustration, a piggy bank is poked with a needle by a man wearing a suit
Illustration: Lazaro Gaimo/Axios Visuals

The Federal Reserve Board and the Federal Deposit Insurance Corporation found shortcomings in the exit strategies — or "living wills" — of six of the eight largest banks in the U.S., it said on Tuesday.

Why it matters: These living wills dictate how big banks handle bankruptcy during financial distress — or a financial crisis. Bank of America and Wells Fargo are among those currently unable to prove that their top decision-makers can confidently act on crisis-level exit strategies.