BLK

By Will Feuer

Bank stocks mostly declined in the premarket session after the biggest U.S. players in the financial sector reported results for the fourth quarter.

Shares of asset manager BlackRock Inc. and investment bank Bank of New York Mellon Corp. both rose more than 1% in premarket trading. However, every other bank that reported results Friday morning traded in the red.

Shares of Citigroup Inc. stock slid 1.7% while JPMorgan Chase & Co. fell 2.9%. Bank of America Corp. fell 2.5% and Wells Fargo & Co. fell 3.9%. First Republic Bank wasn't trading actively in the premarket.

Results for the recently ended quarter were mixed, but several banks warned of trouble ahead.

JPMorgan posted better-than-expected profit for the fourth quarter, but also set aside $1.4 billion to handle potential worsening loan losses, an indication of where the bank thinks the economy could be heading and how it will affect its customers.

At Wells Fargo, a big charge tied to the bank's $3.7 billion settlement with the Consumer Financial Protection Bureau late last year weighed on profit. The bank also increased its reserves to cover potential loan losses.

Citigroup and Bank of America also built up their reserves for potential loan losses.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

January 13, 2023 08:41 ET (13:41 GMT)

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