Home lending is one exception. Wells Fargo reported 53% lower revenue from this business compared to the same period last year, while JPMorgan saw a 26% drop.

Mortgage rates have surged as the Federal Reserve has aggressively raised its benchmark rate in a bid to cap soaring prices, eating into demand. The Wall Street Journal is reporting that the Fed is likely to boost rates by three-quarters of a percentage point later this month, lowering expectations that it could pursue an even bigger increase.

Big picture: Broadly, the numbers look solid. Still, that doesn't mean a recession isn't possible. The mantra at banks right now is, "hope for the best, prepare for the worst."

"We know that if you have a recession, losses will go up," Dimon said. "We prepare for all that."

JPMorgan, Citi and Wells Fargo announced that they'd put aside billions of dollars to cover bad loans should they need to, while Citi and JPMorgan are pausing share buybacks to conserve cash.

Coming up: Bank of America's results and commentary from CEO Brian Moynihan will be watched closely to see if it keeps with the trend.

Home lending is one exception. Wells Fargo reported 53% lower revenue from this business compared to the same period last year, while JPMorgan saw a 26% drop.

Mortgage rates have surged as the Federal Reserve has aggressively raised its benchmark rate in a bid to cap soaring prices, eating into demand. The Wall Street Journal is reporting that the Fed is likely to boost rates by three-quarters of a percentage point later this month, lowering expectations that it could pursue an even bigger increase.

Big picture: Broadly, the numbers look solid. Still, that doesn't mean a recession isn't possible. The mantra at banks right now is, "hope for the best, prepare for the worst."

"We know that if you have a recession, losses will go up," Dimon said. "We prepare for all that."

JPMorgan, Citi and Wells Fargo announced that they'd put aside billions of dollars to cover bad loans should they need to, while Citi and JPMorgan are pausing share buybacks to conserve cash.

Coming up: Bank of America's results and commentary from CEO Brian Moynihan will be watched closely to see if it keeps with the trend.