[Photo: Big Banks / CNN Money]

JPMorgan, Wells Fargo and Citigroup are the first big Wall Street banks to report Q2 earnings and the numbers were impressive. However, there were clouds in their forecasts, which has led to a drop in stock prices for financial firms. Here are the reports.

JPMorgan Smashes Wall Street Estimates, But Shares Decline on Outlook.   JPMorgan Chase on Friday reported higher than expected earnings and revenue figures for the 2nd quarter, as strong lending results offset declines in trading. The bank earned $1.82 per share on Q2 revenues of $26 billion; expectations were $1.58 per share on estimated Q2 revenues of $25 billion. The bank, however, lowered its net interest income forecast for the year. JPM shares are trading lower as of noon - down 1.61%.

Wells Fargo Earnings Beat Estimates.   While Wells Fargo easily beat Wall Street expectations for Q2 earnings, the bank came up short on Q2 revenues. The bank earned $1.07 per share on Q2 revenues of $22.2 billion; expectations were $1.01 per share on estimated Q2 revenues of $2.5 billion. It also didn’t help that Fed Chair Janet Yellen said yesterday that regulators continue to look into the bank's cross-selling scandal and could take further enforcement action. WFC shares are trading lower as of noon - down 1.97%.

Citigroup Earnings Beat Estimates.    Citigroup reported better-than-expected Q2 results Friday, despite a slowdown in trading results. The bank earned $1.28 per share on revenues of $17.9 billion; expectations were for $1.21 per share on Q2 revenues of $17.4 billion. However, Citigroup's "Markets and Securities Services" declined year over year by 5%, largely because of an 11% pullback in equity markets sales. Fixed income markets revenues also declined. C shares are trading lower as of noon - down 1.15%.