JPMorgan earns $15.3bn, Goldman Sachs surprises as Wall Street banks open earnings season

On Tuesday 13 October four big US banks – JPMorgan Chase, Goldman Sachs, Citigroup and Wells Fargo – published their results for the third quarter of 2026, opening the reporting season on Wall Street. All four earned more than a year earlier, but the market's verdicts differed. Goldman Sachs and Citigroup beat analysts' expectations, while JPMorgan disappointed on earnings per share and Wells Fargo on revenue.

JPMorgan: $15.3bn, but below forecasts

The largest US bank earned $15.3bn in the third quarter, 6% more than a year earlier ($14.4bn). Earnings per share rose 10% to $5.57, but fell short of what analysts had expected. Managed revenue came to $50.9bn (+8%) and net interest income to $27bn, up 13% year on year. Investment banking fees rose 13% to $2.96bn. Results were weighed down by a $658m loss on investment securities, compared with a $105m gain a year earlier. The provision for credit losses, on the other hand, fell 19% to $2.74bn. JPMorgan's total assets stood at $5.09 trillion at the end of September, 12% more than a year earlier.

Goldman Sachs: equities trading up 72%

Goldman Sachs delivered the biggest surprise. Net revenues rose 23% to $18.68bn and net earnings 29% to $5.29bn. Earnings per share jumped 39% to $17.01, and return on equity was 18.7%. According to The Wall Street Journal, cited by Quartz, it was the second-best quarter in the bank's history by revenue. The engine was Global Banking & Markets, with revenue of $13.46bn, up 32% year on year. Equities trading brought in $6.44bn (+72%), and investment banking fees rose 21% to $3.22bn. Fixed income, currencies and commodities (FICC) generated $3.47bn, roughly the same as a year ago. Assets under supervision grew to $4.1 trillion.

Citigroup and Wells Fargo

Citigroup earned $5.25bn, up from $3.8bn a year earlier, and earnings per share rose from $1.86 to $2.85. Revenue of $23.85bn was above forecasts (about $23.72bn). Fixed-income trading brought in $4.4bn – according to Quartz, the desk's best third quarter in at least a decade. Wells Fargo earned $5.95bn (+6%), and earnings per share rose 13% to $1.87. Revenue, however, grew only 2% to $21.87bn and disappointed analysts. The bank raised its provision for credit losses by 51% to $1.03bn. Chief executive Charlie Scharf spoke of "broad-based growth, higher earnings, and stronger returns"; the bank's average loans and deposits both rose 11%.

Why it matters

Results from the biggest banks are seen as a barometer of the US economy: they show how much companies and consumers are borrowing, how capital markets are performing and whether credit risk is rising. This time the picture is mixed. Investment banks are benefiting from heavy market activity, which shows up in equities and fixed-income trading revenue. On the other hand, Wells Fargo markedly increased its provisions for bad loans, and JPMorgan had to book a loss on its securities portfolio.