Bank stocks jumped in early trading on Friday after JPMorgan and Wells Fargo topped analysts' earnings expectations.
kicked off earnings season with a bang as both banks' first-quarter results topped Wall Street's expectations, sending names in the sector higher across the board.
JPMorgan's results were particularly impressive. The Jamie Dimon-led bank announced record earnings and revenue for the quarter. Credit Suisse analysts were impressed, putting out a note titled"Setting a High Bar." "Trading marginally better than forecast; investment banking well ahead — we expect management to speak to improved conditions as the quarter progressed," the bank's analysts wrote.
Here's what the two banks reported, compared with what Wall Street analysts surveyed by Bloomberg were expecting:
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