The biggest banks in the US are preparing to report a third quarter marked by shrinking margins and declining profits, according to a new report.

JPMorgan Chase and Wells Fargo release their Q3 earnings on Friday.

JPMorgan is expected to reveal a nearly 8% drop in earnings per share while Wells Fargo will likely report a nearly 14% drop in earnings per share, reports Reuters, citing data compiled by the London Stock Exchange Group (LSEG).

Next week, Bank of America is expected to report an approximately 14% drop in earnings per share, Citigroup is expected to report a 20% drop, and Goldman Sachs is expected to report a 35% drop.

The across the board decline is due to a combination of rising deposit costs, weak loan demand and shrinking net interest income (NII).

Although banks are feeling pressure from decreasing margins, they’re expected to generate strong revenues from other banking divisions, such as investment banking and trading.

Analysts at Oppenheimer say consumer loan delinquencies are down and notes banks have also shored up significant reserves to cover potential office loan losses.

Oppenheimer also expects the industry to post a 7% rise in investment banking revenues for all banks on average, and banks may report a decline in trading revenue amid a seasonal drop in volume.

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Big banks are battling for new customers in the US, with JPMorgan Chase now offering a total of $900 to entice people to switch banks.

Chase’s offer is for people who open both a checking and a savings account and meet certain requirements.

Specifically, new Chase customers receive a $300 bonus for opening a checking account with direct deposit, as long as they deposit $500 within three months.

In addition, customers receive a $200 bonus for opening a savings account and depositing at least $15,000 within 30 days, as long as the balance is maintained for 90 days.

Customers who open both accounts and complete the fine print receive an additional $400 bonus.

Meanwhile, Wells Fargo is offering a $300 bonus to new customers who open a checking account that receives $1,000 via direct deposit within 90 days.

Bank of America is also offering a $300 bonus for new customers’ checking accounts, with a $2,000 direct deposit requirement within 90 days.

Citibank is also offering $300 to new customers who open a checking account, with a $1,500 direct deposit requirement within 90 days.

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Bank of America customers are reporting massive issues with online and mobile banking.

The site monitoring service Downdetector shows tens of thousands of customers have reported severe service disruptions in the last few hours, with users on the social media platform X stating that their balances have dropped to zero.

Downdetector says it’s also witnessing a smaller, but noticeable spike in people reporting banking issues at JPMorgan Chase and Wells Fargo – with the issues for all three banks beginning at around 12:00pm EST.

Since that time, more than 100 customers at both JPMorgan Chase and Wells Fargo have reported issues logging onto and using the lenders’ banking apps and websites.

Bank of America has issued a statement confirming the disruptions its customers are facing, although the lender has not explained what triggered the widespread outage.

“Some clients are experiencing an issue accessing their accounts and balance information today.

These issues are being addressed and have largely been resolved. We apologize for any inconvenience.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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