The first wave of bank earnings shows why ‘resilience’ is Wall Street’s favorite word

In today’s CEO Daily: Diane Brady looks for trends in U.S. bank earnings

The big leadership story: Experts call for a ban on generative AI programs targeting students

The markets: Large down across Asia

Plus: All the news and watercooler chat from Fortune.

Good morning. Jamie Dimon of JPMorgan Chase says the economy is resilient but vulnerable to risks. Citigroup CEO Jane Fraser says her company is resilient and off to an “exceptionally strong start.” Over at Bank of America, Brian Moynihan says the U.S. consumer is resilient, despite soaring gas prices. And Wells Fargo chief Charlie Scharf is here to remind us that life is complicated.

Welcome to earnings season! Banks are typically first to report (thank you, regulators!), offering some insights into the economy and a taste of what’s to come. Fraser had a new story to tell, with strong revenue and a restructuring plan dubbed “Project Bora Bora” that she says is 90% complete. Dimon delivered a familiar tale that somehow manages to instill calm and panic at the same time. We know consumers are resilient and oil prices hurt. Dimon already warned stagflation could be “the skunk at the party” in his shareholder letter. Two other themes to watch from 10-Qs and earnings calls of the Big Four banks.

Last Days of Disco. Investors are trading like frenzied night-clubbers wondering if the party’s about to end. Oil prices are up. They’re down. Peace talks are on! No, they’re not. Who’s betting what in the prediction markets? What’s the Fed going to do? Wait: the new Fed........

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