jpmorgan chase  co wiped out its stock price losses for the year and advanced as the bank kicked off the firstquarter earnings season with betterthanexpected results on friday while warning signs of a possible recession on the horizon built during the quarter and a regional banking crisis erupted with the collapse of silicon valley bank and signature bank the uss largest banks continued to benefit from relatively strong economic conditions jpmorgan ceo jamie dimon reiterated comments about tougher economic conditions ahead but said the bank still posted a strong performance for the quarter the us economy continues to be on a generally healthy footingconsumers are still spending and have strong balance sheets and businesses are in good shape dimon said in a prepared statement the storm clouds that we have been monitoring for the past year remain on the horizon and the banking industry turmoil adds to these risks jpmorgan stock jpm jumped 6 after the uss largest bank said its firstquarter profit rose to 1262 billion or 410 a share from 828 billion or 263 a share in the yearago quarter revenue increased to 3835 billion from 3072 billion jpmorgan beat the earnings estimate of 341 a share and surpassed the revenue mark of 3613 billion according to analyst forecasts compiled by factset prior to fridays trades jpmorgan chase stock was down 38 in 2023 compared to an 8 rise by the sp 500  a 27 gain by the dow jones industrial average and a 48 yeartodate drop by the financial select sector spdr fund xlf ahead of its earnings report jpmorgan had the distinction of one of the few banks that drew higher earnings projections from analysts compared to dec 30 instead of lower revisions analysts raised their estimates for jpmorgans earnings by 6 cents a share from the 335 a share projection on dec 30 looking ahead jpmorgan expects 2023 net interest income of about 81 billion ahead of its earlier projection of 74 billion excluding its markets unit its forecast for 81 billion in 2023 expenses was unchanged as a megabank jpmorgan chase and other large institutions saw an inflow of deposits as customers pulled uninsured deposits of more than 250000 from regional banks during the quarter jpmorgan found itself pulled into the drama around first republic bank frc which found itself rushing to cope with a swift drop in deposits after the failure of silicon valley bank on march 10 jpmorgan and the fdic said on march 12 that they would provide a backstop for first republic and then on march 16 they led an effort by the uss largest banks to deposit 30 billion with first republic against a run on deposits dimon took to the bully pulpit in recent weeks as he forecast a longlasting regulatory impact from the collapse of silicon valley bank in his annual letter to shareholders he also made some appearances on cnn and cnbctv to talk about the strength of the financial system and how the blowup of silicon valley bank wont trigger another crisis on the scale of the global financial crisis in 2008 in part two of his cnn interview dimon shared his views on bank regulations the jeffrey epstein lawsuit and artificial intelligence also on friday wells fargo wfc stock rose 12 in premarket trades after it beat its net income and revenue targets wells fargo said its firstquarter profit rose to 499 billion or 123 a share from 379 billion or 91 cents a share in the yearago period revenue grew to 2073 billion from 1773 billion wells fargo was expected to earn 113 a share on revenue of 2009 billion according to estimates compiled by factset ceo charlie scharf said the firstquarter results were strong and that the bank is glad to have been in a strong position to help support the us financial system during the recent events that impacted the banking industry shares of wells fargo are down just under 4 in 2023 prior to fridays trades also on friday citigroup c is currently forecast to report earnings of 165 a share down from 173 a share on dec 30 with revenue of 2002 billion on april 18 bank of america corp bac is expected to report firstquarter earnings of 81 cents a share down from the consensus view of 88 cents a share on dec 30 according to factset analysts expect the company to report revenue of 2516 billion goldman sachs gs earnings for the first quarter are also due on april 18 with analysts currently forecasting a profit of 814 a share down from 973 a share on dec 30 with revenue of 1276 billion on april 19 morgan stanley ms is expected to post a profit of 172 a share down from a forecast of 184 a share on dec 30 with revenue of 1397 billion on april 24 first republic frc is expected to report firstquarter earnings of 95 cents a share down from a forecast of 157 a share on dec 30 on revenue of 122 billion at last check first republic stock has lost 887 of its value in 2023 this content was created by marketwatch which is operated by dow jones  co marketwatch is published independently from dow jones newswires and the wall street journal