摩根大通、高盛、花旗、富国Q3财报FICC业务分化，固收收入仅花旗超预期，盘中股价已各自反应

JPMorgan Chase ( JPM ), Goldman Sachs ( GS ), Citigroup ( C ), and Wells Fargo ( WFC ) kicked off Q3 earnings season on Tuesday. The results diverged in their fixed-income businesses, a Wall Street staple, as rates, currencies, and commodities markets were roiled by geopolitical conflicts. Only Citigroup turned in better-than-expected FICC revenue. JPMorgan Chase's ( JPM ) FICC market revenue of $5.37B missed the Visible Alpha consensus of $5.92B and declined by 4% Y/Y, on lower revenue in commodities, rates, credit, and public finance, partly offset by higher revenue in currencies and emerging markets. After dipping into the red in premarket trading, JPM stock rose 1.4% in late morning trading. Citigroup's ( C ) fixed income markets revenue fell 7% Q/Q to $4.39B but rose 4% Y/Y, helped by a 13% increase from spread products and other fixed income. The current quarter managed to beat the Visible Alpha estimate of $4.36B. Rates and currencies were flat Y/Y as lower revenue in rates offset higher foreign exchange volumes. Even though fixed income revenue exceeded Wall Street expectations, Citi's stock fell 2.4%. Goldman Sachs's ( GS ) Q3 FICC revenue of $3.47B was essentially flat from a year ago and fell short of the $3.72B Visible Alpha consensus. Net revenues in FICC intermediation were lower, due to significantly lower net revenues in mortgages and credit products and lower net revenues in interest rate products, partly offset by significantly higher net revenues in currencies and commodities, the company said. Goldman Sachs stock rose 1.0%. Wells Fargo's ( WFC ) Q3 FICC markets revenue of $1.26B missed the Visible Alpha consensus of $1.41B and declined 18% Q/Q and 7% Y/Y. The company's stock slipped 1.3%. Combined, the four banks' FICC markets revenue came to $14.5B in Q3 2026, falling 14% from the previous quarter and 1.4% from the year-ago period.