The news: JPMorgan Chase, Citigroup, and Wells Fargo reported their Q1 2026 earnings:

• JPMorgan Chase: Revenues were $49.8 billion and net income $16.5 billion. Average loans rose 11% YoY and average deposits 7%.
• Citi: Revenues were $24.6 billion and net income $5.8 billion. Average loans rose 9% YoY and average deposits 11%.
• Wells Fargo: Total revenue was $21.4 billion and net income $5.3 billion. Average loans rose 10% YoY and average deposits 6%.

Zoom out: These banks consistently saw strong growth in their investment banking and capital markets business. Growth was also supported by revenue from asset and wealth management and other fee-based businesses.

Trendspotting: Bank executives said the impact of higher gas prices—driven by the Iran war—on the broader economy and banks products’ and services has yet to play out. They noted that wealthier consumers have a cushion, but others may face more financial stress. While the executives cited high credit card balances, higher spending on gas, and muted deposit growth, they are not taking actions that suggest a deterioration in consumer spending or the economy.

Implications for banks: Megabanks’ strong, measured caution is a frequent refrain during earnings. But despite consistently strong banking results, the macroeconomic outlook is shaky: “There is an increasingly complex set of risks that make the outlook unpredictable,” according to JPMorgan CEO Jamie Dimon.

Concerns that have come up in earnings include the fiscal deficit, trade tensions, and high asset prices. Trade concerns haven’t gone away, but they have subsided following the recent Supreme Court ruling on Learning Resources, Inc. v. Trump. Banks now also have fresh geopolitical concerns and the potential repercussions of new energy costs for consumers and businesses. Using megabanks as a bellwether, everything looks good today—but the tide can quickly turn.