JPMorgan Leads US Banks Reporting Third Quarter Results

Four of the largest US banks reported third quarter results on Tuesday, with JPMorgan Chase, Wells Fargo, Goldman Sachs and Citigroup releasing earnings before markets opened as executives addressed artificial intelligence, IPO uncertainty, fuel prices and borrowing costs.

JPMorgan Chase reported net income of $15.31 billion, or $5.57 per share, according to the company. Excluding $658 million in net securities losses, earnings per share would have been $5.75, still below the $5.90 analyst estimate from LSEG.

JPMorgan raised its 2026 net interest income guidance to $106.2 billion from $105.5 billion previously, according to the company. The bank also increased expense guidance to $108.6 billion from $107.5 billion.

JPMorgan CEO Jamie Dimon highlighted the bank's quarterly performance in written remarks released with earnings.

"reported another quarter of strong results." Dimon said.

Dimon also said trading and investment banking activity moderated during the quarter, while the bank reduced share repurchases as part of its capital priorities.

"Our capital hierarchy has remained consistent over time, with investing in the franchise and supporting our clients at the top. In line with our hierarchy, we reduced share repurchases this quarter." Dimon said.

Citigroup reported its strongest third quarter revenue in a decade, with earnings per share of $2.85 compared with analyst expectations of $2.66, and revenue of $23.85 billion versus $23.72 billion expected, according to LSEG.

Citigroup CEO Jane Fraser attributed the results to the bank's execution of its strategy.

"continued discipline and consistent execution of our strategy." Fraser said.

Fraser also described the bank's return goals and investment plans in her statement.

"We expect to exceed this year's return target, even as we pull forward investments toward our 11-13% near-term goal — the next waypoints on our path to sustainable returns of 14-15%." Fraser said.

Goldman Sachs posted $18.68 billion in net revenue, exceeding the $16.71 billion analyst estimate from LSEG. Equities revenue rose 72% year over year to $6.44 billion, while investment banking fees increased 21% to $3.22 billion.

The report described investors and institutions as taking a more "risk off" approach as market activity changed during the quarter.

Goldman's fixed income trading revenue fell about 1% from a year earlier to $3.47 billion, while asset and wealth management revenue increased 14% to $5.05 billion.

Wells Fargo maintained its guidance for net interest income and non-interest expenses, according to the bank. Its shares declined slightly in premarket trading after revenue missed expectations while earnings exceeded forecasts.