Citigroup is set to report its fourth-quarter earnings Wednesday morning ahead of Wall Street’s opening bell.

Here are some of the key metrics to watch and what analysts are expecting from the bank, according to LSEG:

• Earnings per share: $1.22
• Revenue: $19.49 billion

Growth in investment banking and equity markets revenue helped drive a better-than-expected report for Citi in the third quarter, and those could be sources of strength again in the fourth quarter. Chief financial officer Mark Mason said at a Goldman Sachs conference in December that Citi was seeing investment banking fees and the markets business up double-digit percentages year over year, according to a transcript from FactSet.

Year-over-year comparisons for fourth quarter income metrics may be complicated by charges Citi booked in the final period of 2023.

Investors will also be looking for progress updates about CEO Jane Fraser’s turnaround efforts. Fraser took over the bank in March 2021 and has focused on slimming down the company, including selling off some international units.

Citi’s stock was a strong performer in 2024, rising nearly 37% on the year. The stock is up more than 4% so far this year.

JPMorgan Chase is scheduled to report fourth-quarter earnings before the opening bell Wednesday.

Here’s what Wall Street expects:

• Earnings: $4.11 a share, according to LSEG
• Revenue: $41.7 billion, according to LSEG
• Net interest income: $23.1 billion, according to StreetAccount
• Trading Revenue: Fixed income of $4.42 billion, Equities of $2.37 billion, according to StreetAccount

JPMorgan’s results will be closely watched for signs that industry optimism is warranted.

Banks ended the year with several reasons to be bullish: Wall Street activity has picked up at the same time that Main Street consumers remain resilient, while the election victory of Donald Trump has led to hopes of regulatory relief.

JPMorgan, the biggest American bank by assets, stands to benefit on several fronts.

Last month, executives said that investment banking revenue would surge 45% in the fourth quarter, and that trading revenue would jump about 15%.

Further, the bank said that its latest projection for 2025 net interest income was $2 billion higher than previous guidance, leading analysts to speculate that fourth quarter NII would also top expectations.

While the business is thriving, analysts will likely ask CEO Jamie Dimon about his succession planning after his No. 2 executive, Daniel Pinto, said he was stepping down as chief operating officer in June. Dimon signaled last year that he was likely to step down as CEO within five years.

Another question is how the changing outlook for Federal Reserve rate cuts will impact the bank across its sweeping operations. While Fed officials expect two more cuts this year, economic indicators could cause them to pause.

Finally, analysts may press JPMorgan on what it intends to do with a possible windfall of capital if Trump regulators present a gentler version of the Basel 3 Endgame, as potential nominees have supported. Dimon said last May that share buybacks would be muted because the stock was expensive, but they’ve only climbed since.

Besides JPMorgan, Goldman Sachs, Wells Fargo and Citigroup are also reporting quarterly and full-year results Wednesday, while Bank of America and Morgan Stanley are due to report on Thursday.

This story is developing. Please check back for updates.