Make New York Post a Preferred Source JPMorgan revealed a rare earnings miss while Goldman Sachs blew past revenue estimates as four of the nation’s top banks reported mixed third-quarter earnings Tuesday.
JPMorgan – the largest US bank by assets and the largest in the world by market cap – reported earnings per share of $5.57, missing estimates of $5.90. It recorded revenue of $50.91 billion, below expectations of $51.22 billion.
The bank’s fixed income trading of $5.4 billion missed estimates by roughly $550 million. Expenses were about $90 million more than expected, as costs grew 12% over the past 12 months and revenue jumped just 8% over the same period – a troubling sign for investors.
JPMorgan CEO Jamie Dimon warned of more financial pain if interest rates climb higher. AFP via Getty Images Meanwhile, JPMorgan CEO Jamie Dimon on Tuesday warned that financial pain across the US would worsen if interest rates rise another percentage point – and traders are largely expecting the Fed to hike rates another quarter point in December.
Goldman Sachs blew past earnings expectations, recording $18.68 billion in net revenue – nearly $2 billion more than estimated.
The bank’s third-quarter earnings beat was largely driven by strong equities trading, as revenue in the division jumped 72% from the year before to $6.44 billion, about $1.42 billion more than expected.
Citigroup also delivered an earnings beat. It reported earnings per share of $2.85, besting estimates of $2.66, and revenue of $23.85 billion, above expectations of $23.72 billion.
Goldman Sachs reported blowout earnings. Bloomberg via Getty Images Wells Fargo had a mixed quarter, with earnings per share of $1.87 slightly edging out expectations of $1.85, but revenue of $21.87 billion missing estimates for $22.3 billion.
Bank of America and Morgan Stanley – which round out the six largest banks in the nation – are scheduled to report third-quarter earnings on Wednesday.
This is a developing story. Please check back for updates.
