Big U.S. banks: Goldman Sachs beats forecasts as JPMorgan falls short
Major U.S. lenders open the earnings season with mixed results. Goldman earns far more than expected, while JPMorgan and Wells Fargo miss estimates.
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The largest U.S. banks opened the third-quarter earnings season with mixed results. Goldman Sachs earned $17.01 per share, well above analysts' expectations of $12.86, according to a market update by broker Charles Schwab. Revenue rose 23%. Citigroup also beat forecasts with earnings of $2.85 per share and revenue of $23.85 billion, up 8% from a year earlier.
JPMorgan Chase, the country's biggest bank, missed estimates with earnings of $5.57 per share against an expected $5.90 and revenue of $50.91 billion. Investment banking fees fell 8% from the previous quarter but were up 14% from a year earlier. Wells Fargo lifted revenue by 2% to $21.87 billion, but also came in below forecasts.
Bank of America, Morgan Stanley, State Street and asset manager BlackRock are due to report on Wednesday, according to the dpa-AFX news agency's calendar. The banks are reporting against a backdrop of rising interest rates, with the 10-year Treasury yield most recently at 5.19%.