Earnings beat (investment banking and underwriting fees), up from last year
Rated a buy
The market witnessed Fed rate cuts tree times in 2019. Markets are predicting another cut in 2020.
“Although the low interest rate environment will continue to crimp the big banks’ lending margins, the demand for loan is likely to improve. To add to the positives, retail banking will continue to aid big banks since American consumers are in good shape with higher wage growth. The sentiments of corporate clients have also improved with the de-escalation in trade tensions and enhanced outlook for the American economy. Overall, the outlook for the banks looks encouraging”