Big banks open earnings season with a mixed set of results
Goldman and Citigroup beat; JPMorgan and Wells Fargo fell short on revenue.
Earnings · Tuesday, October 13, 2026 · 10:15 AM ET
Four big US banks reported third-quarter results before the open, and the reaction was mixed. Per MarketWatch, JPMorgan Chase and Wells Fargo missed revenue estimates, while Goldman Sachs and Citigroup beat.
JPMorgan and Wells Fargo
JPMorgan earned $15.31 billion, or $5.57 a share, against $5.93 expected by FactSet analysts. Revenue rose 8% to $50.17 billion, short of the $51.23 billion expected (MarketWatch). Quartz and Investing.com both point to weaker fixed-income trading. The Wall Street Journal says the stock fell as much as 4% before it recovered to edge up. Wells Fargo earned $1.87 a share, above the $1.85 expected, but revenue of $21.87 billion trailed the $22.31 billion forecast, and its shares fell (MarketWatch, Investing.com).
Goldman Sachs and Citigroup
Goldman earned $17.01 a share, well above the $12.86 FactSet expected, on its second-best quarterly revenue ever, and its shares jumped about 3% (MarketWatch, WSJ). Citigroup earned $5.2 billion, or $2.85 a share, on revenue of $23.8 billion, its best third quarter in a decade (MarketWatch, Quartz). Citigroup CEO Jane Fraser said the bank expects to exceed this year's return target.
Bloomberg noted before the reports that the KBW Bank Index was about 12% below its August peak, a technical correction. Bank of America and Morgan Stanley report on Wednesday (CNBC). More in our 8 AM edition and the week-ahead story.