Big Banks Report Mixed Q1 Earnings as Rates Rise, Economy Faces Uncertainty

JPMorgan missed estimates on net interest income, raising questions about their ability to continue charging high rates amid competition
Citi is in the midst of a major restructuring, cutting jobs and costs to fund transformation investments
Wells Fargo disappointed with declines in net interest income and higher expenses, though saw strong investment banking revenues
Banks cite "significant uncertain forces" in the global economy, though largely not outright predicting recessions
Higher interest rates are leading to declines in low/no interest deposits at banks like Wells Fargo as customers seek better yields