Major Banks Deliver Mixed Q3 Results on Trading Beats
Cover image from cnbc.com, which was analyzed for this article
JPMorgan, Goldman Sachs, Citigroup, and Wells Fargo reported Q3 figures, with revenue beats in trading but some estimate misses. CNBC provided live updates on the results and market reactions.
PoliticalOS
Tuesday, October 13, 2026 — Business
Trading revenue provided the clearest divergence among the four banks, with equities strength at Goldman offsetting fixed-income weakness at JPMorgan. Guidance updates on net interest income and expenses now set expectations for the remainder of the year ahead of the next two banks reporting.
What outlets missed
The provided coverage did not address how the observed moderation in trading and investment banking activity during the quarter might affect full-year compensation pools or bonus expectations at the reporting firms. No independent data on deposit cost trends across the sector was included to contextualize the net interest income guidance changes. The articles also omitted any comparison of credit loss provisions to prior-year levels or to peer banks reporting later in the week.
Four large U.S. banks opened the third-quarter earnings season with uneven results that highlighted strength in equities trading alongside shortfalls in fixed-income revenue and higher costs. JPMorgan Chase, Wells Fargo, Goldman Sachs and Citigroup released figures before the market open on October 13, 2026, while Bank of America and Morgan Stanley are scheduled for the following day.
JPMorgan reported net income of $15.31 billion, or $5.57 per share, missing the $5.90 consensus estimate compiled by LSEG. Revenue reached $50.91 billion against an expected $51.22 billion. Fixed-income trading revenue of $5.4 billion fell about $550 million short of StreetAccount forecasts, and companywide expenses of $27.3 billion exceeded expectations by roughly $90 million. The bank raised its full-year net interest income guidance to $106.2 billion from the prior $105.5 billion target.
Goldman Sachs posted net revenue of $18.68 billion, surpassing the $16.71 billion estimate. Equities trading revenue jumped 72 percent to $6.44 billion, while investment banking fees rose 21 percent to $3.22 billion. Fixed-income trading slipped 1 percent to $3.47 billion. Earnings per share came in at $17.01 versus the $13.02 expected.
Citigroup recorded its strongest third-quarter revenue in a decade at $23.85 billion, above the $23.72 billion forecast, with earnings per share of $2.85 versus $2.66 expected. CEO Jane Fraser credited continued discipline in executing the firm's strategy and said the company expects to exceed its 2026 return target.
Wells Fargo posted earnings per share of $1.87, beating the $1.85 estimate, but revenue of $21.87 billion fell short of the $22.3 billion consensus. Net interest income of $12.52 billion came in below the $12.66 billion projection. The bank maintained its full-year guidance for net interest income and non-interest expenses. CEO Charles Scharf noted resilient consumer spending and low delinquencies despite higher interest rates and oil prices.
Market reaction was muted in premarket trading, with JPMorgan shares turning positive after an initial dip, Wells Fargo declining slightly more than 1 percent, and broader bank stocks reflecting the mixed signals on deal activity and borrowing costs.
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