CNBC Top NewsDoubao · 实盘不做把握 6/10不做原因:已被定价
北京时间·🕒 发布 20:15:35(美东 08:15)·⟳ 抓取 20:15:40 +5s·⚡ 决策 10-13 20:18:00 +2m20s·14.2 天前
美国四大行Q3财报齐发：高盛大幅超预期盘前涨4.4%，花旗、富国业绩超预期但盘前下跌，摩根大通EPS miss但上调NII指引
财报为盘前明牌事件，四家公司的surprise在8:15 ET前已通过盘前交易大幅定价：最强的高盛盘前+4.39%且放量，花旗/富国beat却下跌显示板块承接弱，摩根大通多空交织约持平；开盘时无论追高盛还是做空miss方都缺乏正期望，做空亦无强催化支撑。
📄 原文CNBC Top News↗ 原文
This is CNBC's live coverage of bank earnings reports for JPMorgan, Goldman Sachs, Wells Fargo and Citigroup. Jamie Dim…
不做 高盛集团（GS.US）
营收/EPS大幅beat但盘前已放量上涨4.39%，开盘追高等于为已完成的重定价付溢价；backlog环比下滑与费用+20%带来电话会不确定性，且同组beat反跌显示板块承接弱，风险回报不足
不做 摩根大通（JPM.US）
EPS miss、固收走弱、缩减回购与NII指引上调多空抵消，盘前从-3.5%剧烈摆动后回到持平，方向不明，无edge
不做 花旗集团（C.US）
营收EPS双beat且十年最佳Q3，但盘前逆势下跌1.45%，利好兑现卖出特征明显，不做多；基本面beat也不支持做空
不做 富国银行（WFC.US）
营收/NII小幅miss但EPS beat、指引维持，利空温和且盘前仅跌1.4%、年内已跌约10%，不满足强空催化；亦无做多理由
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
高盛大超预期但盘前已涨4.4%，花旗、富国beat反跌、摩根大通miss后靠NII指引修复至持平，盘前价格已反映各行财报差异且板块情绪偏弱，开盘无清晰可交易edge，统一回避。
🔎 新鲜度:最早出现 2026-10-13 · 扩散 high · price-in 风险 high ↗
关键理由
- 高盛营收超出预期近20亿美元、股票交易同比+72%是本组最强surprise，但4.4%的盘前涨幅已在9:30前完成主要重定价
- 花旗与富国EPS均beat却盘前下跌（-1.4%/-1.4%），证明当前银行板块对利好按sell-the-news处理，追多盈亏比差
主要风险
- 高盛电话会若强调交易景气延续并上修资本回报，盘前4.4%可能只是起点，存在踏空强势股的风险
- 摩根大通缩减回购+费用增速快于收入，若电话会基调谨慎可能拖累整个银行板块低开低走
反向证据
- 做多前查反向 · 来源 web · 日期 2026-10-13 · 影响 weakens
高盛投行费积压环比下降、运营成本+20%；花旗与富国beat后盘前分别跌1.45%/1.39%，显示市场对银行利好按兑现处理，削弱做多高盛的开盘edge
检索:高盛财报利空点 backlog下降 费用+20% 花旗富国beat股价下跌 原文 ↗ - 做空前查反向 · 来源 web · 日期 2026-10-13 · 影响 invalidates
WFC营收miss约1.9%但EPS beat且指引维持；C双beat；JPM虽miss但上调NII指引——均无指引下修或基本面坍塌，不满足强空催化
检索:富国花旗摩根大通财报是否构成实质利空 原文 ↗
先例如何影响了这次决策
对本次决策的影响:因判AVOID，未用先例数字调整仓位或价格；若盘中高盛回踩盘前涨幅一半以内且电话会确认景气，可另行重估
方向:本轮结论不依赖先例幅度：盘前已重定价3%-4%且同组beat反跌，无论历史胜率如何，开盘追价的剩余edge均被压缩
涨幅量级:未做高相似对齐先例回测；不足以为开盘后的GS追单设定可靠tp/sl
形态:本组内部已提供实时类比：花旗、富国beat但盘前下跌，呈现明显的sell-the-news/板块偏弱特征
工具执行结果 · 成功 5 · 降级 0 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 9 ms
{"result": "search_processed_events:agent query=`citigroup wells fargo q3 2026 earnings | goldman sachs third quarter 2026 earnings beat equities revenue record advisory | jpmorgan goldman sachs wells fargo citigroup q3 2026 earn`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整)，返回 0 条候选。未命中只表示这些 agen - stock_quote 成功 stock_tools HTTP · 90 ms
{ - stock_quote 成功 stock_tools HTTP · 38 ms
{ - stock_quote 成功 stock_tools HTTP · 44 ms
{ - stock_quote 成功 stock_tools HTTP · 60 ms
{
原文全文
展开原文 · 19,192 字
This is CNBC's live coverage of bank earnings reports for JPMorgan, Goldman Sachs, Wells Fargo and Citigroup.
Jamie Dimon, CEO of JP Morgan Chase, at the Pennsylvania Defense and Innovation Summit at the US Army War College in Carlisle, Pennsylvania, on July 15, 2026.
The quarter was dominated by headlines around artificial intelligence, IPO uncertainty, high fuel prices and rising borrowing costs.
Executives from each of the four banks reporting on Tuesday will be addressing those topics and more during earnings calls between 8:30 a.m. and 11 a.m. ET.
Shares of Citigroup fell slightly in premarket trading Tuesday after the bank reported its third-quarter earnings results, despite beating Wall Street expectations on the top and bottom lines.
– Laya Neelakandan
6 Min Ago
Citi sees momentum across services
Citi said it saw a "standout quarter" in services, up 15%. The company also reported a 6% increase in its banking division.
In its U.S. consumer cards, the bank said it had "solid momentum" in general purpose cards, which it said contributed to loan growth and a return over 21%.
– Laya Neelakandan
8 Min Ago
Goldman Sachs posts record advisory revenue, but the pipeline shrank
Goldman's advisory revenue hit $1.65 billion in the third quarter, up 18% from a year earlier, as the firm closed more deals, a figure that the company says is its highest ever.
But the bank said its investment banking fee backlog declined from the second quarter, raising questions about the pace of dealmaking in coming quarters. Has Wall Street dealmaking reached a peak, or a temporary plateau?
Expenses for the bank also climbed, with operating costs rising 20% from a year earlier to $11.31 billion.
They appear mostly to be the "good" expenses that come from higher levels of activity: Transaction-based expenses jumped 54% to $3.02 billion, while compensation and benefits increased 9% to $5.12 billion.
Goldman Sachs stock popped 3.6% in premarket trading.
— Hugh Son
10 Min Ago
Citigroup reports best third-quarter revenue in a decade
Citigroup on Tuesday morning reported its best third-quarter revenue in a decade, which CEO Jane Fraser attributed to "continued discipline and consistent execution of our strategy."
"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 in a statement.
– Laya Neelakandan
12 Min Ago
Citigroup earnings are out — here are the numbers
Here's what Citigroup reported, compared with analyst expectations, according to LSEG:
Earnings per share: $2.85 vs. $2.66 per share expected
Revenue: $23.85 billion vs. $23.72 billion expected
— Sara Salinas
29 Min Ago
Goldman Sachs blows past revenue estimates on strong equities trading
Goldman Sachs CEO David Solomon speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S., February 28, 2023.
Brendan Mcdermid | Reuters
What Wall Street slowdown?
Goldman Sachs blew past expectations for third-quarter revenue, powered primarily by a strong quarter for equities trading, with help from investment banking and asset and wealth management.
The firm's $18.68 billion in net revenue is nearly $2 billion more than the LSEG estimate.
Equities revenue jumped 72% from a year earlier to $6.44 billion, topping estimates by about $1.42 billion.
Investment banking fees rose 21% to $3.22 billion, beating estimates by $384 million, while asset and wealth management revenue climbed 14% to $5.05 billion, or about $450 million more than expected.
Fixed income trading was a relative weak spot, with revenue slipping about 1% from a year earlier to $3.47 billion, below expectations by $239 million.
JPMorgan raised its net interest income guidance to $106.2 billion for 2026. That compares to prior guidance issued in the second quarter of $105.5 billion. The statistic measures profitability for loan making.
Its guidance for net income interest income excluding markets is $97.2 billion, compared with a prior estimate of $96.5 billion.
The bank raised expense guidance to $108.6 billion versus the prior guidance for the full year of $107.5 billion.
— Leslie Picker and Ritika Shah
46 Min Ago
Goldman Sachs is out with earnings — here are the numbers
Here's what Goldman Sachs reported, compared with what Wall Street was expecting, according to LSEG:
Earnings per share: $17.01, may not compare with $13.02 per share expected
Revenue: $18.68 billion vs. $16.71 billion expected
— Sara Salinas
46 Min Ago
JPMorgan’s earnings miss reflects weaker fixed income trading and rising expenses
JPMorgan's earnings miss appears to come from lower-than-expected fixed income trading revenue and expenses that grew faster than revenue did.
Fixed income trading of $5.4 billion was about $550 million below the StreetAccount estimate.
Companywide expenses of $27.3 billion were about $90 million worse than expected.
That's not a huge miss, but it shows that costs grew by 12% year over year in a quarter where revenue grew by 8%, a dynamic investors and analysts usually don't love.
That 8% revenue growth rate is a real slowdown compared to the 27% surge of the second quarter, where equities trading and dealmaking exceeded expectations.
Lastly, the securities write-off of $658 million pretax cut EPS by 18 cents, though at least some analysts are likely to exclude that figure from their assessment of the quarter.
JPMorgan shares are higher as of about 7:20 a.m. ET after initially falling on an earnings miss. The stock is now up about 1%.
— Sara Salinas
1 Hour Ago
Jamie Dimon says JPMorgan Chase cut back on share repurchases in the quarter
A woman exits the JPMorgan Chase & Co., headquarters in New York City, U.S., April 1, 2026.
Eduardo Munoz | Reuters
Investors often jump to JPMorgan Chase CEO Jamie Dimon's written remarks in the earnings release.
Dimon gives few clues as to why his bank missed third-quarter estimates, saying JPMorgan "reported another quarter of strong results."
But there is one sign that corporations and institutional investors may have taken a more "risk off" approach as the quarter progressed: In the firm's Wall Street division, Dimon noted that trading and investment banking activity "did moderate somewhat during the quarter."
Also of note: The bank moderated its share repurchases, Dimon said: "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."
Wells Fargo stock is down just over 1% in premarket trading after the bank missed expectations on the top line but beat on the bottom line.
The stock has declined roughly 10% this year.
— Laya Neelakandan
1 Hour Ago
JPMorgan's third-quarter EPS misses the mark
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., during a Bloomberg Television interview on the sidelines of the JPMorgan Tech Stars Conference 2026 in London, UK, on Tuesday, Oct. 6, 2026.
Jose Sarmento Matos | Bloomberg | Getty Images
JPMorgan's results appear to be a rare miss for the largest U.S. bank by assets.
The company put up third-quarter net income of $15.31 billion, or $5.57 per share.
Excluding $658 million in net securities losses, EPS would've been higher at $5.75 per share, but that's still below the $5.90 estimate of analysts surveyed by LSEG.
Before this report, JPMorgan had topped EPS estimates 16 of the past 20 quarters, per StreetAccount.
The bank's shares are off about 3.5% in premarket trading.
— Hugh Son
1 Hour Ago
Wells Fargo maintains guidance
Wells Fargo said on Tuesday that it's maintaining its guidance for net interest income this year. It's also maintaining its guidance for non-interest expenses.
– Laya Neelakandan
2 Hours Ago
Wells Fargo's net interest income came in slightly below expectations
Analysts had been expecting Wells Fargo to report $12.66 billion in net interest income. The bank actually reported $12.52 billion on Tuesday.
It also said it saw a $1.03 billion provision for credit losses, just under StreetAccount expectations of $1.14 billion.
– Laya Neelakandan
2 Hours Ago
Wells Fargo reports strength across segment revenues
Wells Fargo said wealth and investment management revenue grew 12% compared with the year-ago period. It also saw consumer banking and lending grow 5%, corporate and investment banking grow 3% and commercial banking rise by 6%.
It also said it opened more than 660,000 new credit card accounts in the quarter.
— Laya Neelakandan
2 Hours Ago
Wells Fargo says consumer remains resilient
Charles Scharf, chief executive officer of Wells Fargo & Co., during a Bloomberg Television interview in New York, US, on Wednesday, July 22, 2026.
Michael Nagle | Bloomberg | Getty Images
Wells Fargo reported that despite macroeconomic pressures and overall uncertainty, consumers remain resilient.
"Consumers are spending more, loan delinquencies are low, and deposit and investment balances have grown," CEO Scharf said in a statement. "While higher interest rates, higher oil prices and persistent inflation create risks to the economy, strong positive forces such as the investment in AI infrastructure, high employment levels and consistent wage growth continue to outweigh the risks."
Here's what Wells Fargo reported compared with analysts' consensus estimates, according to LSEG:
Earnings per share: $1.87 vs. $1.85 per share expected
Revenue: $21.87 billion vs. $22.3 billion expected
— Sara Salinas
2 Hours Ago
The Muse effect: Do banks face disruption risk from AI agents?
Mark Zuckerberg, CEO of the Facebook parent company Meta, takes the stage at the Meta Connect developer conference.
Andrej Sokolow | Picture Alliance | Getty Images
One likely topic for today's analyst calls will be around whether banks aren't just the beneficiary of AI, but at risk from it.
Specifically, AI agents like Meta's Muse could make it easier for customers to move money from accounts that pay almost nothing to accounts with higher yields. Last month, Apollo Chief Economist Torsten Slok even outlined a possible bank run scenario caused by AI.
"If every household used AI agents to optimize the return on their cash balances, banks could lose a large share of the cheap deposits they rely on to make loans," Slok wrote. That would "be a problem for the entire financial system."
Some banks faced higher deposit costs last quarter, but that's amid the backdrop of surging Treasury yields, according to StreetAccount.
Bank stocks were hit by concerns over AI agents last month, just as shares of Meta were rising as its Muse app topped the app download charts.
But over the longer term, banks will develop their own agent interfaces, insulating them from the threat, Bank of America analyst Ebrahim Poonawala said in an Oct. 4 note.
"Investors continue to inquire about the potential for agentic AI to disrupt banking deposits, fees, margins and customer acquisition," Poonawala wrote. "While the timing and magnitude remain uncertain, one implication is becoming clearer: banks may increasingly need to build for the agent, not just the customer."
— Hugh Son
2 Hours Ago
Oura's shelved IPO raises questions about Wall Street's deal outlook
Tom Hale, chief executive officer of Oura Health Oy, wears an Oura Ring during an interview in San Francisco, California, US, on Friday, June 14, 2024.
Those are the questions analysts will have for Goldman Sachs and JPMorgan Chase after a string of high-profile IPOs were put on hold in recent months, including the listing of smart ring maker Oura, which cited uncertain market conditions as its reason for delay.
Global investment banking revenue in the third quarter fell 6.6% from a year earlier to $27.2 billion, thanks to declines in closed mergers and debt issuance, according to Dealogic data.
But the slowdown is far from uniform across Wall Street.
Bank of America CEO Brian Moynihan warned in September that third-quarter investment banking fees were headed for a decline of more than 10%, while trading revenue will be roughly flat.
Citigroup expected to do a bit better: CFO Gonzalo Luchetti told analysts at the same conference that investment banking is tracking for "low-single-digit" revenue growth, while trading revenue was heading for "mid-single-digit" growth.
Meanwhile, JPMorgan co-president Doug Petno told analysts last month that both investment banking and trading revenue were headed for a percentage jump in the mid- to high-teens, showing that the boom continues at some banks.
— Hugh Son
2 Hours Ago
The breakdown of segment revenues expected for Citigroup
According to consensus metrics from StreetAccount, Citigroup is expected to report $4.31 billion in revenue for its fixed income markets division. It's also expected to report $1.76 billion in revenue in equity markets and $1.29 billion in investment banking fees.
Analysts are expecting Citi to report $2.41 billion in net credit losses and $2.62 billion in provisions for credit losses.
– Laya Neelakandan
3 Hours Ago
Jamie Dimon's warning on interest rates is coming into focus
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., during the America Business Forum in Miami, Florida, US, on Thursday, Nov. 6, 2025.
Eva Marie Uzcategui | Bloomberg | Getty Images
For years, JPMorgan Chase CEO Jamie Dimon has warned that interest rates could climb higher than investors expect, fueled by persistent inflation and geopolitical conflicts.
Investors may get a fresh read on that outlook as the big banks report third-quarter results.
Bond markets sold off during the period amid renewed inflation concerns, rising oil prices and questions about how the growing wave of debt tied to artificial intelligence is impacting credit markets.
The 10-year Treasury yield — a benchmark that influences borrowing costs across the economy — jumped to about 5.3% by the end of September, the highest level in more than two decades. Bond prices fall as yields rise, pushing up financing costs for businesses and consumers.
For banks, higher rates are a double-edged sword.
Lenders may earn more on new loans, but they also face pressure to pay more to retain deposits as money market funds and Treasuries become enticing to investors. Higher borrowing costs may weigh on loan demand, while tighter financial conditions could complicate mergers and IPOs.
Ultimately, higher rates can strain borrowers' finances, pushing some into default.
Those concerns weighed on bank stocks during the third quarter. The S&P 500 Banks Index fell 5.4%, while the broader S&P 500 gained about 2.3%.
— Hugh Son
3 Hours Ago
Is the clock ticking on Goldman Sachs CEO David Solomon's tenure?
John Waldron, chief operating officer of Goldman Sachs Group Inc., and Goldman Sachs Chairman and CEO David Solomon.
This will be the first chance that analysts have to directly ask Goldman Sachs CEO David Solomon about reports that he could be replaced by his main deputy, John Waldron, as soon as next year.
If Waldron, who currently serves as Goldman president and chief operating officer, takes over as CEO, Solomon would likely remain as executive chairman for a period of time, an arrangement designed to engineer a smooth handoff.
But it's unclear if Solomon, 64, is ready to release the reins of the top Wall Street investment bank, just as his company has hit its stride.
Solomon has gotten Goldman back on track after an ill-fated foray into consumer banking earlier in his tenure. With help from the artificial intelligence boom and a rebound in deals and trading, Goldman shares have outpaced rivals over the past year.
Goldman spokesman Tony Fratto has said there is "no definitive timeline for succession" at the bank.
Both Solomon and Waldron were awarded $80 bonuses in 2025 to keep them at the bank through 2030.
— Hugh Son
3 Hours Ago
Wells Fargo is expected to report these segment revenues
Analysts are expecting Wells Fargo to report net interest income of $12.66 billion, according to consensus metrics from StreetAccount.
They're also estimating the company will report a provision for credit losses of $1.14 billion.
Last quarter, CEO Charlie Scharf said the bank was "benefitting from the broad-based economic strength" in the U.S.
– Laya Neelakandan
3 Hours Ago
Wells Fargo has a streak of beating revenue expectations
According to StreetAccount, Wells Fargo has beaten consensus expectations for revenue in 12 of the past 20 quarters.
The company has also beaten consensus metrics for earnings per share in 16 of the past 20 quarters, with one report in-line with expectations.
– Laya Neelakandan
3 Hours Ago
Here's what to expect from Citigroup
Dado Ruvic | Reuters
Citigroup is set to report its third-quarter results before the bell on Tuesday. Here's what the company is expected to post, based on a survey of analysts by LSEG:
Earnings per share: $2.66 expected
Revenue: $23.72 billion expected
Company executives will hold a conference call with analysts at 11 a.m. ET.
– Laya Neelakandan
3 Hours Ago
Here's what analysts are expecting from Goldman Sachs
David Solomon, chief executive officer of Goldman Sachs Group Inc., speaks during the Qatar Economic Forum in New York, US, on Sunday, Sept. 20, 2026.
Michael Nagle | Bloomberg | Getty Images
Goldman Sachs, led by CEO David Solomon, has benefited from elevated investment banking and trading activity so far this year.
The main question: Will the Wall Street boom continue?
Here's what Wall Street expects:
Earnings per share: $13.02, according to LSEG
Revenue: $16.71 billion, according to LSEG
Trading revenue: fixed income of $3.71 billion, equities of $5.02 billion, according to StreetAccount
Investing banking fees: $2.84 billion, according to StreetAccount
Solomon and CFO Denis Coleman will hold a conference call with analysts at 9:30 a.m. ET.
— Hugh Son
3 Hours Ago
Here's what Wall Street expects from JPMorgan
Jamie Dimon, CEO of JPMorgan Chase, departs the Capitol in Washington, Feb. 25, 2026.
Graeme Sloan | Bloomberg | Getty Images
JPMorgan Chase is scheduled to report third-quarter earnings before the opening bell Tuesday.
JPMorgan, led by longtime CEO Jamie Dimon, is the biggest U.S. bank by assets and the largest in the world by market capitalization.
Here's what Wall Street expects:
Earnings per share: $5.90 according to LSEG
Revenue: $51.22 billion, according to LSEG
Investment banking fees: $3.02 billion, according to StreetAccount
Trading revenue: Fixed income of $5.95 billion, equities of $4.43 billion, per StreetAccount
Dimon and CFO Jeremy Barnum will hold a conference call with analysts at 8:30 a.m. ET.
— Hugh Son
3 Hours Ago
Here's what analysts are expecting from Wells Fargo
A Wells Fargo logo is displayed on a sign outside of a bank branch on June 6, 2026 in Washington, DC.
Kevin Carter | Getty Images
Wells Fargo is scheduled to report third-quarter earnings before the bell on Tuesday. Here's what Wall Street is expecting from the company:
Earnings per share: $1.85 per share expected, according to LSEG
Revenue: $22.3 billion expected, according to LSEG
Company executives will hold a conference call with analysts at 10 a.m. ET.
Jamie Dimon, CEO of JP Morgan Chase, at the Pennsylvania Defense and Innovation Summit at the US Army War College in Carlisle, Pennsylvania, on July 15, 2026.
The quarter was dominated by headlines around artificial intelligence, IPO uncertainty, high fuel prices and rising borrowing costs.
Executives from each of the four banks reporting on Tuesday will be addressing those topics and more during earnings calls between 8:30 a.m. and 11 a.m. ET.
Shares of Citigroup fell slightly in premarket trading Tuesday after the bank reported its third-quarter earnings results, despite beating Wall Street expectations on the top and bottom lines.
– Laya Neelakandan
6 Min Ago
Citi sees momentum across services
Citi said it saw a "standout quarter" in services, up 15%. The company also reported a 6% increase in its banking division.
In its U.S. consumer cards, the bank said it had "solid momentum" in general purpose cards, which it said contributed to loan growth and a return over 21%.
– Laya Neelakandan
8 Min Ago
Goldman Sachs posts record advisory revenue, but the pipeline shrank
Goldman's advisory revenue hit $1.65 billion in the third quarter, up 18% from a year earlier, as the firm closed more deals, a figure that the company says is its highest ever.
But the bank said its investment banking fee backlog declined from the second quarter, raising questions about the pace of dealmaking in coming quarters. Has Wall Street dealmaking reached a peak, or a temporary plateau?
Expenses for the bank also climbed, with operating costs rising 20% from a year earlier to $11.31 billion.
They appear mostly to be the "good" expenses that come from higher levels of activity: Transaction-based expenses jumped 54% to $3.02 billion, while compensation and benefits increased 9% to $5.12 billion.
Goldman Sachs stock popped 3.6% in premarket trading.
— Hugh Son
10 Min Ago
Citigroup reports best third-quarter revenue in a decade
Citigroup on Tuesday morning reported its best third-quarter revenue in a decade, which CEO Jane Fraser attributed to "continued discipline and consistent execution of our strategy."
"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 in a statement.
– Laya Neelakandan
12 Min Ago
Citigroup earnings are out — here are the numbers
Here's what Citigroup reported, compared with analyst expectations, according to LSEG:
Earnings per share: $2.85 vs. $2.66 per share expected
Revenue: $23.85 billion vs. $23.72 billion expected
— Sara Salinas
29 Min Ago
Goldman Sachs blows past revenue estimates on strong equities trading
Goldman Sachs CEO David Solomon speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S., February 28, 2023.
Brendan Mcdermid | Reuters
What Wall Street slowdown?
Goldman Sachs blew past expectations for third-quarter revenue, powered primarily by a strong quarter for equities trading, with help from investment banking and asset and wealth management.
The firm's $18.68 billion in net revenue is nearly $2 billion more than the LSEG estimate.
Equities revenue jumped 72% from a year earlier to $6.44 billion, topping estimates by about $1.42 billion.
Investment banking fees rose 21% to $3.22 billion, beating estimates by $384 million, while asset and wealth management revenue climbed 14% to $5.05 billion, or about $450 million more than expected.
Fixed income trading was a relative weak spot, with revenue slipping about 1% from a year earlier to $3.47 billion, below expectations by $239 million.
JPMorgan raised its net interest income guidance to $106.2 billion for 2026. That compares to prior guidance issued in the second quarter of $105.5 billion. The statistic measures profitability for loan making.
Its guidance for net income interest income excluding markets is $97.2 billion, compared with a prior estimate of $96.5 billion.
The bank raised expense guidance to $108.6 billion versus the prior guidance for the full year of $107.5 billion.
— Leslie Picker and Ritika Shah
46 Min Ago
Goldman Sachs is out with earnings — here are the numbers
Here's what Goldman Sachs reported, compared with what Wall Street was expecting, according to LSEG:
Earnings per share: $17.01, may not compare with $13.02 per share expected
Revenue: $18.68 billion vs. $16.71 billion expected
— Sara Salinas
46 Min Ago
JPMorgan’s earnings miss reflects weaker fixed income trading and rising expenses
JPMorgan's earnings miss appears to come from lower-than-expected fixed income trading revenue and expenses that grew faster than revenue did.
Fixed income trading of $5.4 billion was about $550 million below the StreetAccount estimate.
Companywide expenses of $27.3 billion were about $90 million worse than expected.
That's not a huge miss, but it shows that costs grew by 12% year over year in a quarter where revenue grew by 8%, a dynamic investors and analysts usually don't love.
That 8% revenue growth rate is a real slowdown compared to the 27% surge of the second quarter, where equities trading and dealmaking exceeded expectations.
Lastly, the securities write-off of $658 million pretax cut EPS by 18 cents, though at least some analysts are likely to exclude that figure from their assessment of the quarter.
JPMorgan shares are higher as of about 7:20 a.m. ET after initially falling on an earnings miss. The stock is now up about 1%.
— Sara Salinas
1 Hour Ago
Jamie Dimon says JPMorgan Chase cut back on share repurchases in the quarter
A woman exits the JPMorgan Chase & Co., headquarters in New York City, U.S., April 1, 2026.
Eduardo Munoz | Reuters
Investors often jump to JPMorgan Chase CEO Jamie Dimon's written remarks in the earnings release.
Dimon gives few clues as to why his bank missed third-quarter estimates, saying JPMorgan "reported another quarter of strong results."
But there is one sign that corporations and institutional investors may have taken a more "risk off" approach as the quarter progressed: In the firm's Wall Street division, Dimon noted that trading and investment banking activity "did moderate somewhat during the quarter."
Also of note: The bank moderated its share repurchases, Dimon said: "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."
Wells Fargo stock is down just over 1% in premarket trading after the bank missed expectations on the top line but beat on the bottom line.
The stock has declined roughly 10% this year.
— Laya Neelakandan
1 Hour Ago
JPMorgan's third-quarter EPS misses the mark
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., during a Bloomberg Television interview on the sidelines of the JPMorgan Tech Stars Conference 2026 in London, UK, on Tuesday, Oct. 6, 2026.
Jose Sarmento Matos | Bloomberg | Getty Images
JPMorgan's results appear to be a rare miss for the largest U.S. bank by assets.
The company put up third-quarter net income of $15.31 billion, or $5.57 per share.
Excluding $658 million in net securities losses, EPS would've been higher at $5.75 per share, but that's still below the $5.90 estimate of analysts surveyed by LSEG.
Before this report, JPMorgan had topped EPS estimates 16 of the past 20 quarters, per StreetAccount.
The bank's shares are off about 3.5% in premarket trading.
— Hugh Son
1 Hour Ago
Wells Fargo maintains guidance
Wells Fargo said on Tuesday that it's maintaining its guidance for net interest income this year. It's also maintaining its guidance for non-interest expenses.
– Laya Neelakandan
2 Hours Ago
Wells Fargo's net interest income came in slightly below expectations
Analysts had been expecting Wells Fargo to report $12.66 billion in net interest income. The bank actually reported $12.52 billion on Tuesday.
It also said it saw a $1.03 billion provision for credit losses, just under StreetAccount expectations of $1.14 billion.
– Laya Neelakandan
2 Hours Ago
Wells Fargo reports strength across segment revenues
Wells Fargo said wealth and investment management revenue grew 12% compared with the year-ago period. It also saw consumer banking and lending grow 5%, corporate and investment banking grow 3% and commercial banking rise by 6%.
It also said it opened more than 660,000 new credit card accounts in the quarter.
— Laya Neelakandan
2 Hours Ago
Wells Fargo says consumer remains resilient
Charles Scharf, chief executive officer of Wells Fargo & Co., during a Bloomberg Television interview in New York, US, on Wednesday, July 22, 2026.
Michael Nagle | Bloomberg | Getty Images
Wells Fargo reported that despite macroeconomic pressures and overall uncertainty, consumers remain resilient.
"Consumers are spending more, loan delinquencies are low, and deposit and investment balances have grown," CEO Scharf said in a statement. "While higher interest rates, higher oil prices and persistent inflation create risks to the economy, strong positive forces such as the investment in AI infrastructure, high employment levels and consistent wage growth continue to outweigh the risks."
Here's what Wells Fargo reported compared with analysts' consensus estimates, according to LSEG:
Earnings per share: $1.87 vs. $1.85 per share expected
Revenue: $21.87 billion vs. $22.3 billion expected
— Sara Salinas
2 Hours Ago
The Muse effect: Do banks face disruption risk from AI agents?
Mark Zuckerberg, CEO of the Facebook parent company Meta, takes the stage at the Meta Connect developer conference.
Andrej Sokolow | Picture Alliance | Getty Images
One likely topic for today's analyst calls will be around whether banks aren't just the beneficiary of AI, but at risk from it.
Specifically, AI agents like Meta's Muse could make it easier for customers to move money from accounts that pay almost nothing to accounts with higher yields. Last month, Apollo Chief Economist Torsten Slok even outlined a possible bank run scenario caused by AI.
"If every household used AI agents to optimize the return on their cash balances, banks could lose a large share of the cheap deposits they rely on to make loans," Slok wrote. That would "be a problem for the entire financial system."
Some banks faced higher deposit costs last quarter, but that's amid the backdrop of surging Treasury yields, according to StreetAccount.
Bank stocks were hit by concerns over AI agents last month, just as shares of Meta were rising as its Muse app topped the app download charts.
But over the longer term, banks will develop their own agent interfaces, insulating them from the threat, Bank of America analyst Ebrahim Poonawala said in an Oct. 4 note.
"Investors continue to inquire about the potential for agentic AI to disrupt banking deposits, fees, margins and customer acquisition," Poonawala wrote. "While the timing and magnitude remain uncertain, one implication is becoming clearer: banks may increasingly need to build for the agent, not just the customer."
— Hugh Son
2 Hours Ago
Oura's shelved IPO raises questions about Wall Street's deal outlook
Tom Hale, chief executive officer of Oura Health Oy, wears an Oura Ring during an interview in San Francisco, California, US, on Friday, June 14, 2024.
Those are the questions analysts will have for Goldman Sachs and JPMorgan Chase after a string of high-profile IPOs were put on hold in recent months, including the listing of smart ring maker Oura, which cited uncertain market conditions as its reason for delay.
Global investment banking revenue in the third quarter fell 6.6% from a year earlier to $27.2 billion, thanks to declines in closed mergers and debt issuance, according to Dealogic data.
But the slowdown is far from uniform across Wall Street.
Bank of America CEO Brian Moynihan warned in September that third-quarter investment banking fees were headed for a decline of more than 10%, while trading revenue will be roughly flat.
Citigroup expected to do a bit better: CFO Gonzalo Luchetti told analysts at the same conference that investment banking is tracking for "low-single-digit" revenue growth, while trading revenue was heading for "mid-single-digit" growth.
Meanwhile, JPMorgan co-president Doug Petno told analysts last month that both investment banking and trading revenue were headed for a percentage jump in the mid- to high-teens, showing that the boom continues at some banks.
— Hugh Son
2 Hours Ago
The breakdown of segment revenues expected for Citigroup
According to consensus metrics from StreetAccount, Citigroup is expected to report $4.31 billion in revenue for its fixed income markets division. It's also expected to report $1.76 billion in revenue in equity markets and $1.29 billion in investment banking fees.
Analysts are expecting Citi to report $2.41 billion in net credit losses and $2.62 billion in provisions for credit losses.
– Laya Neelakandan
3 Hours Ago
Jamie Dimon's warning on interest rates is coming into focus
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., during the America Business Forum in Miami, Florida, US, on Thursday, Nov. 6, 2025.
Eva Marie Uzcategui | Bloomberg | Getty Images
For years, JPMorgan Chase CEO Jamie Dimon has warned that interest rates could climb higher than investors expect, fueled by persistent inflation and geopolitical conflicts.
Investors may get a fresh read on that outlook as the big banks report third-quarter results.
Bond markets sold off during the period amid renewed inflation concerns, rising oil prices and questions about how the growing wave of debt tied to artificial intelligence is impacting credit markets.
The 10-year Treasury yield — a benchmark that influences borrowing costs across the economy — jumped to about 5.3% by the end of September, the highest level in more than two decades. Bond prices fall as yields rise, pushing up financing costs for businesses and consumers.
For banks, higher rates are a double-edged sword.
Lenders may earn more on new loans, but they also face pressure to pay more to retain deposits as money market funds and Treasuries become enticing to investors. Higher borrowing costs may weigh on loan demand, while tighter financial conditions could complicate mergers and IPOs.
Ultimately, higher rates can strain borrowers' finances, pushing some into default.
Those concerns weighed on bank stocks during the third quarter. The S&P 500 Banks Index fell 5.4%, while the broader S&P 500 gained about 2.3%.
— Hugh Son
3 Hours Ago
Is the clock ticking on Goldman Sachs CEO David Solomon's tenure?
John Waldron, chief operating officer of Goldman Sachs Group Inc., and Goldman Sachs Chairman and CEO David Solomon.
This will be the first chance that analysts have to directly ask Goldman Sachs CEO David Solomon about reports that he could be replaced by his main deputy, John Waldron, as soon as next year.
If Waldron, who currently serves as Goldman president and chief operating officer, takes over as CEO, Solomon would likely remain as executive chairman for a period of time, an arrangement designed to engineer a smooth handoff.
But it's unclear if Solomon, 64, is ready to release the reins of the top Wall Street investment bank, just as his company has hit its stride.
Solomon has gotten Goldman back on track after an ill-fated foray into consumer banking earlier in his tenure. With help from the artificial intelligence boom and a rebound in deals and trading, Goldman shares have outpaced rivals over the past year.
Goldman spokesman Tony Fratto has said there is "no definitive timeline for succession" at the bank.
Both Solomon and Waldron were awarded $80 bonuses in 2025 to keep them at the bank through 2030.
— Hugh Son
3 Hours Ago
Wells Fargo is expected to report these segment revenues
Analysts are expecting Wells Fargo to report net interest income of $12.66 billion, according to consensus metrics from StreetAccount.
They're also estimating the company will report a provision for credit losses of $1.14 billion.
Last quarter, CEO Charlie Scharf said the bank was "benefitting from the broad-based economic strength" in the U.S.
– Laya Neelakandan
3 Hours Ago
Wells Fargo has a streak of beating revenue expectations
According to StreetAccount, Wells Fargo has beaten consensus expectations for revenue in 12 of the past 20 quarters.
The company has also beaten consensus metrics for earnings per share in 16 of the past 20 quarters, with one report in-line with expectations.
– Laya Neelakandan
3 Hours Ago
Here's what to expect from Citigroup
Dado Ruvic | Reuters
Citigroup is set to report its third-quarter results before the bell on Tuesday. Here's what the company is expected to post, based on a survey of analysts by LSEG:
Earnings per share: $2.66 expected
Revenue: $23.72 billion expected
Company executives will hold a conference call with analysts at 11 a.m. ET.
– Laya Neelakandan
3 Hours Ago
Here's what analysts are expecting from Goldman Sachs
David Solomon, chief executive officer of Goldman Sachs Group Inc., speaks during the Qatar Economic Forum in New York, US, on Sunday, Sept. 20, 2026.
Michael Nagle | Bloomberg | Getty Images
Goldman Sachs, led by CEO David Solomon, has benefited from elevated investment banking and trading activity so far this year.
The main question: Will the Wall Street boom continue?
Here's what Wall Street expects:
Earnings per share: $13.02, according to LSEG
Revenue: $16.71 billion, according to LSEG
Trading revenue: fixed income of $3.71 billion, equities of $5.02 billion, according to StreetAccount
Investing banking fees: $2.84 billion, according to StreetAccount
Solomon and CFO Denis Coleman will hold a conference call with analysts at 9:30 a.m. ET.
— Hugh Son
3 Hours Ago
Here's what Wall Street expects from JPMorgan
Jamie Dimon, CEO of JPMorgan Chase, departs the Capitol in Washington, Feb. 25, 2026.
Graeme Sloan | Bloomberg | Getty Images
JPMorgan Chase is scheduled to report third-quarter earnings before the opening bell Tuesday.
JPMorgan, led by longtime CEO Jamie Dimon, is the biggest U.S. bank by assets and the largest in the world by market capitalization.
Here's what Wall Street expects:
Earnings per share: $5.90 according to LSEG
Revenue: $51.22 billion, according to LSEG
Investment banking fees: $3.02 billion, according to StreetAccount
Trading revenue: Fixed income of $5.95 billion, equities of $4.43 billion, per StreetAccount
Dimon and CFO Jeremy Barnum will hold a conference call with analysts at 8:30 a.m. ET.
— Hugh Son
3 Hours Ago
Here's what analysts are expecting from Wells Fargo
A Wells Fargo logo is displayed on a sign outside of a bank branch on June 6, 2026 in Washington, DC.
Kevin Carter | Getty Images
Wells Fargo is scheduled to report third-quarter earnings before the bell on Tuesday. Here's what Wall Street is expecting from the company:
Earnings per share: $1.85 per share expected, according to LSEG
Revenue: $22.3 billion expected, according to LSEG
Company executives will hold a conference call with analysts at 10 a.m. ET.
决策记录链 · 只追加
每次领取产生一条记录,重新决策追加一条并以 supersedes 指向被替代的记录(ADR 0014)。
f97f5e9b19· 2026-10-13 20:18 · doubao / doubao-seed-evolving-latest-version · 策略包2226518bfdee当前