Bank Stocks Rally as JPMorgan, Wells Fargo, Citi, and Goldman Sachs Deliver Blowout Q3 Earnings
Wall Street banks reported strong Q3 earnings, exceeding expectations in both revenue and earnings. On October 14, bank stocks rose, with Wells Fargo up 2.84% to $81.16, Citigroup up 0.44% to $96.52, and JPMorgan Chase slightly up 0.02% to $308.03. However, Goldman Sachs fell over 2%. Key earnings included Wells Fargo at $1.66 EPS (estimate $1.55) and $21.43B revenue (estimate $21.14B), Citigroup at $2.24 EPS (estimate $1.75) and $22.09B revenue (estimate $21.05B), JPMorgan Chase at $5.07 EPS (estimate $4.84) and $46.43B revenue (estimate $45.25B), and Goldman Sachs at $12.25 EPS (estimate $11.02) and $15.18B revenue (estimate $14.13B).
TradingKey – Wall Street banks posted stellar third-quarter results, with both revenue and earnings beating expectations.
On Tuesday, October 14, ahead of the U.S. market open, bank stocks broadly advanced:
- Wells Fargo (WFC) surged 2.84%, currently trading at $81.16
- Citigroup (C) rose 0.44%, now at $96.52
- JPMorgan Chase (JPM) edged up 0.02%, priced at $308.03
- Goldman Sachs (GS) was the outlier, falling more than 2%
Goldman Sachs Stock Chart – Source: Google.
Several major U.S. banks just released their Q3 earnings reports, all showing stronger-than-expected performance:
Bank | EPS / Estimate (USD) | Revenue / Estimate (USD) |
Wells Fargo | 1.66 / 1.55 | $21.43B / $21.14B |
Citigroup | 2.24 / 1.75 | $22.09B / $21.05B |
JPMorgan Chase | 5.07 / 4.84 | $46.43B / $45.25B |
Goldman Sachs | 12.25 / 11.02 | $15.18B / $14.13B |
Bank Earnings Data – Source: Investing.
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