JPMorgan, Wells Fargo, Goldman Sachs and Citi kicked off earnings season on Wednesday with their December-quarter results.

Goldman Sachs ( GS 6.02%), and Citigroup ( C 6.49%) were all higher by 5% or more for the day. There are two main reasons why these bank stocks are soaring. First, bank stocks kicked off fourth-quarter 2024's earnings season on Wednesday,

The largest banks in the U.S. may justify further gains in stock prices if their earnings updates in the coming days include any upside surprises around loan growth or a boost from lighter regulations expected by the Trump administration.

JPMorgan CEO Jamie Dimon addressed his retirement timeline, Goldman chief David Solomon talked Apple, and bankers overall appeared to exude “animal spirits.”

Wells Fargo reported earnings per share of $1.43 for the fourth quarter, beating Wall Street’s consensus estimate of $1.35. A year earlier, the bank reported profit of 86 cents a share. Net interest income,

Investors are awaiting earnings from Big Banks earnings this week, watching especially closely for guidance updates. Citi (C), JPMorgan Chase (JPM), Goldman Sachs (GS), and Wells Fargo (WFC) report on Wednesday.

Among the S&P 500’s eleven sectors, Financials are expected to report the highest year-over-year earnings growth at nearly 40 percent, according to FactSet. Banks make up so much of that gain that if they were excluded from the sector, that figure would fall to 11 percent.

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Wells Fargo said fourth-quarter net interest income, a key metric for banks, fell 7% to $11.8 billion in the quarter from $12.8 billion for the same period last year. The bank said net interest income declined due to the impact of lower rates on floating rate assets and lower loan balances.

Wells Fargo's wealth and investment management segment's revenue rose 8% in the fourth quarter to $3.958 billion. Net interest income at the segment was down 6%, as deposit costs rose due to increasing pricing on sweep deposits in advisory brokerage accounts.

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Citigroup said its board of directors authorized a new multiyear $20 billion stock buyback program that will begin in the first quarter of 2025, helping to trigger a surge in the share price. CFO Mark Mason said the planned buyback reflects confidence in the bank’s strategy.