Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Tuesday, April 15th, and I'm your host, Kim Kong. Our top story on tax day so far.

Banks are making hay while the volatility sun shines, cashing in on a turbulent market.

Following a strong quarterly report Monday from Goldman Sachs, thanks to equity sales and trading,

Bank of America and City earnings reports impressed, also showing trading out performance.

B of A turned in a bottom line and top line beat, helped by sales and trading revenue growth at its global markets division.

CEO Brian Moynihan said the banks year-over-year 18% increase in GAAP EPS

reflected growth in net interest income and fee income,

while sales and trading delivered its 12th consecutive quarter of year-over-year revenue growth.

But he also said we potentially face a changing economy.

Looking ahead, Bank of America sees net interest income on a fully taxable equivalent basis,

rising to 15.5 to 15.7 billion by Q4 2025 versus the visible alpha consensus of 15.6 billion.

That would be out from 14.6 billion just seen in Q1.

In addition, Citigroup reaffirmed 2025 guidance, and its Q1 earnings and revenue beat estimates,

with strong performance in its markets and investment banking businesses.

The bank kept its 2025 guidance unchanged, subject to macro market conditions.

It expects net interest income X markets up 2 to 3% from 2024. Full year revenue is

expected to be about $83.1 billion to $84.1 billion compared with its prior view of $83.5 to $84.5 billion

versus the average analyst's estimate of $83.6 billion. Ian Bazek, investing group leader for

Ian's Inside Corner, called the results excellent,

with equity and fixed income trading results particularly robust. But he also noted a 15% rise

in year-over-year costs related to potential credit losses, and that trend could accelerate

...