Bank earnings live updates: JPMorgan’s earnings call is underway after rare earnings miss

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., during the Pennsylvania Defense and Innovation Summit in Carlisle, Pennsylvania, July 15, 2026.

Tom Brenner | Bloomberg | Getty Images

Financial pain across the U.S. economy would intensify if interest rates rise another percentage point from current levels, JPMorgan's Dimon said.

Rates have climbed for much of this year amid persistent inflation concerns, rising fuel costs, heavy demand for capital to finance the AI buildout and worries about mounting government debt.

The 10-year Treasury yield — a key benchmark that influences borrowing costs across the economy — reached about 5.3% by the end of September, up from about 4% six months earlier.

“Going from [5%] to 6% would be more painful than going from four to five,” Dimon told CNBC in a question-and-answer session with reporters.

Asked why another leg higher would magnify the pain for borrowers, Dimon said it was “because everyone's got to pay more for money, and they'll have to roll over at higher rates, and credit spreads might go up with that a little bit.”

Dimon repeatedly stressed that he wasn't predicting rates would reach 6%: “I'm not predicting it. I'm simply saying that people need to be prepared for it."

— Hugh Son

Citi reported fixed income markets revenue of $4.4 billion, up 4% from last year. The bank said that growth was driven primarily by advances in spread products and other fixed income.

Analysts had been expecting the bank to report fixed income markets revenues of just $4.31 billion, according to StreetAccount.

— Laya Neelakandan

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.

Saul Loeb | Afp | Getty Images

JPMorgan CEO Dimon said he understands that people are concerned about artificial intelligence, including where data centers are built and how that will affect jobs in the future.

But he also added that he thinks AI will "benefit mankind enormously."

"I think there are short-run vulnerabilities which we've spoken about extensively," he said. "It's kind of a little bit of a massive buildup, and the value may be high enough to pay higher interest costs."

— Leslie Picker

Citi raised its full-year net interest income guidance, excluding markets, to be up in the mid-to-high 6% range. That's compared with previous guidance of up between 5% and 6%.

The bank said growth is primarily driven by continued fee momentum in services, banking and wealth.

— Laya Neelakandan

JPMorgan CFO Jeremy Barnum said on a media call that the deals pipeline remains robust, and he thinks deals are being "delayed rather than canceled."

"There are a lot of deals that need to get done that want to get done," he said. "You know, maybe in moments of a little bit of market turmoil, you see, especially in the capital market space, the gap between buyers and sellers can widen temporarily before we find a new level. So we'll see how it goes. But overall, the conditions remain very supportive."

Barnum also said when excluding higher spending on gas prices, the underlying consumer spending trends remain resilient.

— Ritika Shah and Leslie Picker

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

Chief executive officer of Citigroup Jane Fraser visits FOX Business Network's "Mornings With Maria" at Fox Business Network Studios on May 29, 2025 in New York City.

John Lamparski | Getty Images

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

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

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

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

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.

— Hugh Son

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

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

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.

— Hugh Son

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

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."

In the past, Dimon has called his own company's stock expensive.

— Hugh Son

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

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

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

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

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

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."

— Laya Neelakandan

Here's what JPMorgan reported compared with analysts' consensus estimates, according to LSEG:

• Earnings per share: $5.57 vs. $5.90 per share expected
• Revenue: $50.91 billion vs. $51.22 billion expected

— Sara Salinas

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

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

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.

David Paul Morris | Bloomberg | Getty Images

The booming deals and trading environment that powered Wall Street this year slowed down in the third quarter, but by how much, and for how long?

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

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 post $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

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 Treasurys become enticing to investors. Higher borrowing costs may weigh on loan demand, while tighter financial conditions could complicate mergers and initial public offerings.

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

John Waldron, chief operating officer of Goldman Sachs Group Inc., and Goldman Sachs Chairman and CEO David Solomon.

Jason Alden | Bloomberg | Angela Weiss | AFP | Getty Images

This will be the first chance that analysts have to directly ask Goldman Sachs CEO David Solomon about reports that he could be succeeded 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 million bonuses in 2025 to keep them at the bank through 2030.

— Hugh Son

Correction: Solomon and Waldron were awarded $80 million bonuses in 2025. An earlier version misstated the figure.

Analysts are expecting Wells Fargo to post 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

According to StreetAccount, Wells Fargo has beaten consensus expectations for revenue in 12 of the past 20 quarters.

The company has also topped consensus metrics for earnings per share in 16 of the past 20 quarters, with one report in line with expectations.

— Laya Neelakandan

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

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

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

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.

— Laya Neelakandan