The news: JPMorgan Chase, Citi, Wells Fargo, and Bank of America reported strong earnings for Q2 2026.

• JPMorgan reported revenues of $57.3 billion, smashing analysts’ expectations and notching the highest ever earnings for a US bank, per Yahoo Finance.
• Citi revenues grew by double digits to $21.7 billion, exceeding analysts’ benchmarks. Investors still sent the bank’s shares down due to expense concerns, per WSJ.
• Wells Fargo beat analysts’ expectations with $22.62 billion in revenues.
• And Bank of America topped estimates with revenues reaching $31.6 billion.

Consumer financial health: Delinquencies largely improved YoY across all issuers. 

• JPMorgan’s 30- and 90-day delinquencies slid to 1.91% and 1%, respectively.
• Citi followed suit with its 30- and 90-day delinquencies sinking to 1.17% and 1.21%, respectively.
• Wells Fargo’s 30-day delinquencies fell to 2.58%, but 90-day delinquencies rose slightly to 1.34%.
• And Bank of America’s early- and late-stage delinquencies slid to 2.23% and 1.17%, respectively.

Consumers are holding up despite pressure from gas prices and broader inflation. Robust growth in consumer spending also suggests a certain level of consumer optimism.

• JPMorgan’s debit and credit card sales volume increased 10% YoY.
• Citi’s general-purpose credit card spend volume rose 12% YoY.
• Wells Fargo’s debit and credit card purchase volume increased 8.4% and 11.5%, respectively.
• And Bank of America’s card purchase volume increased 5% from H1 2025 to H1 2026.

Inside the earnings calls:

JPMorgan. Jamie Dimon hinted at plans to strengthen the Apple Card portfolio: “We've got the app arsenal, the Apple business at one point, which we have pretty high hopes for if we come up with better products and better services.” 

Citi. Citi’s general purpose card acquisitions were up 135%; that’s in part why private label cards’ total share of loans declined one percentage point YoY to 16%.

Wells Fargo. The bank’s credit card account openings are up nearly 60% YoY, “driven by higher digital and branch-based openings,” per CEO Charles Scharf. 

Bank of America. Bank of America wants to grow card loans by 5%, building on the 4% growth of the previous quarter.

Recommendation for issuers: Consumers are largely managing their finances despite economic pressures. 

Gearing product launches toward value with rewards categories tied to essentials like gas and groceries combined with flexible credentials for installment financing could connect with US adults still surfing the choppy waters of the US economy.

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