The news: JPMorgan Chase and Citigroup topped Q1 2026 earnings estimates, while Wells Fargo missed expectations.

• JPMorgan reported $50.54 billion in revenues, per CNBC.
• Citigroup posted its most successful quarter in a decade with $24.63 billion in revenues, per CNBC.
• Wells Fargo missed analysts’ benchmarks, with $21.45 billion in revenues.

In their earnings calls, CEOs Jamie Dimon, Jane Fraser, and Charles Scharf issued warnings about economic risk tied to the Iran War. 

Consumer financial health: Across all firms, consumers largely maintained financial resilience after the holiday season.

• JPMorgan’s 30- and 90-day delinquency rates fell YoY to 2.17% and 1.15%, respectively.
• Citi’s 30- and 90-day delinquency rates for its general purpose cards fell to 1.2% and 1.39%, respectively. 
• And Wells Fargo’s 30- and 90-day delinquencies reached 2.77% and 1.45%.

Card-linked installments, however, moved in the opposite direction: 90-day delinquencies for Citi’s installment loans rose from 0.49% to 0.55%.

Consumer spending also remained strong; both JPMorgan Chase’s combined debit and credit and Wells Fargo’s credit card purchase volume rose 9% YoY, and Citi’s hit 6% YoY.

Key callouts:

Citi. New credit card accounts surged 12% YoY. This suggests that the launches of the premium Strata Elite card, and Citi Aadvantage Globe Mastercard are connecting with consumers. This could be linked to aspirational cardholders still focusing on value: Strata Elite’s annual fee remains $200 to $300 lower than the Sapphire Reserve and Platinum cards.

JPMorgan. CFO Jeremy Barnum spoke to the firm’s outlook on stablecoins. He said, suggesting that wholesale payments is already an “incredibly efficient, extremely low margin business” without crypto, but consumer payments have opportunities for stablecoin-based rewards and a means to collect interest.

Wells Fargo. New credit card account openings rose 60% YoY coming off the back of two travel card launches. CFO Matthew Santomassino also cautioned that consumer spending gains are increasingly the result of higher prices amid the war in Iran: Consumers are spending 30% to 40% more on gas on their debit cards and slashing discretionary spending.

Implications for payment providers: While consumer spending hasn’t faltered yet, the rising fuel crisis suggests that shoppers will become increasingly value-conscious as the year unfolds. 

Consumer cards geared to rewarding everyday spending as those costs increase may help issuers secure loyalty from its users as they go dealhunting.