Vendors
日本語
search
  2. //
  3. Reports & insights
  4. //
  5. 2023 Earnings Season: The Biggest US Banks Report Significant Revenue Gains

2023 Earnings Season: The Biggest US Banks Report Significant Revenue Gains

Create a vendor selection project
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
We are waiting for the vendor to publish their solution profile. Contact us or request the RFX.
Projects allow you to export Registered Vendor details and survey responses for analysis outside of Marsh CND. Please refer to the Marsh CND User Guide for detailed instructions.
Download Registered Vendor Survey responses as PDF
Contact vendor directly with specific questions (ie. pricing, capacity, etc)
1 February 2024
Patricia Hines

During a challenging year for the broader US banking industry in 2023, the largest US banks demonstrated their resilience by experiencing significant gains in treasury management revenue. These banks recently announced their full-year 2023 results, which revealed substantial year-over-year growth. Their success can be attributed to their ability to strengthen relationships, effectively manage costs, deliver exceptional digital services, and position themselves well for the year ahead.

JPMorgan Chase Payments (CB) business combines cash management, payment solutions, and merchant services to corporate clients, financial institutions, and governments. In 2023, their payments revenue reached $9.3 billion, a 22% increase from the previous year's $7.6 billion. However, in the fourth quarter, payments revenue remained flat due to fee growth being offset by higher deposit-related client credits.

Bank of America Global Transaction Services saw a 10% year-over-year increase in full-year revenue, reaching $11.4 billion. Additionally, they reported significant growth in their CashPro App usage, with 840,000 sign-ins (up 24% YoY), $245 billion in CashPro App payments (up 35% YoY), and 19.7 million CashPro alerts and insights (up 15%).

Citi Institutional Clients Group reported a record-breaking year for their Treasury and Trade Solutions (TTS) division. TTS achieved full-year revenue of $18.0 billion, marking a 16% increase and an all-time high for the bank. The revenue growth was primarily driven by net interest income (NII) growth in TTS, although it was partially offset by lower non-interest revenue (NIR) resulting from an Argentina currency devaluation.

PNC Corporate & Institutional Banking’s Treasury Management business provides corporations with cash and investment management services, receivables and disbursement management services, funds transfer services, international payment services, and access to online/mobile information management and reporting services. In 2023, the bank experienced a 4% increase in card and cash management fees, amounting to $2.7 billion for the full year.

Wells Fargo Corporate and Investment Banking delivers a suite of capital markets, banking, and financial products and services to corporate, commercial real estate, government, and institutional clients globally. In their earnings release, the bank reported CIB Treasury Management and Payments achieved full-year revenue of $3.0 billion in 2023, representing a significant 28% increase compared to the previous year. Additionally, their Commercial Banking Segment reported a remarkable 39% year-over-year increase in Treasury Management and Payments revenue, reaching $6.2 billion in 2023, compared to $4.5 billion in 2022.

Next month, the Celent Corporate Banking team will host its annual Innovation and Insight Day on March 21st, where we will announce the 2024 Celent Model Bank Awards winners. This event will feature real-life case studies of global firms that have successfully leveraged technology, uncovering the stories and strategies that have led to their remarkable achievements. The event aims to bring together industry leaders to explore the transformative power of technology in overcoming challenges faced by financial services firms. Attendees can register now for the Kick-off Plenary Session & Fireside Chat, followed by the Model Bank overview session and announcement of winners.