Four of the largest U.S. banks are reporting third-quarter results before the market opens on Tuesday: JPMorgan Chase and Wells Fargo are first out of the gates.
Goldman Sachs and Citigroup are reporting later Tuesday morning, and Bank of America and Morgan Stanley will post earnings on Wednesday.
The quarter was dominated by headlines around artificial intelligence, IPO uncertainty, high fuel prices and rising borrowing costs.
All four reports on Tuesday are due by 8 a.m. ET, and executives from each of the banks will be addressing those topics and more during earnings calls between 8:30 a.m. and 11 a.m. ET.
Here's what you need to know:
- JPM posts a rare earnings miss
- WFC is out with mixed results
- What Wall Street is expecting from GS
- Analyst expectations for Citi
- Questions surround Wall Street's deal outlook
- Goldman's succession planning in the spotlight
Jamie Dimon says JPMorgan Chase cut back on share repurchases in the quarter
A woman exits the JPMorgan Chase & Co., headquarters in New York City, U.S., April 1, 2026. Eduardo Munoz | ReutersInvestors 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
21 Min AgoShares of Wells Fargo are down slightly
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
25 Min AgoJPMorgan's third-quarter EPS misses the mark
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 ImagesJPMorgan'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
28 Min AgoWells Fargo maintains guidance
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
34 Min AgoWells Fargo's net interest income came in slightly below expectations
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
38 Min AgoWells Fargo reports strength across segment revenues
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
40 Min AgoWells Fargo says consumer remains resilient
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 ImagesWells 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
41 Min AgoJPMorgan earnings are out — here are the numbers
watch nowVIDEO1:5501:55JPMorgan misses on top and bottom lines in Q3Squawk BoxHere'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
47 Min AgoWells Fargo earnings are out — here are the numbers
watch nowVIDEO1:4501:45Wells Fargo reports mixed Q3 resultsSquawk BoxHere'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
1 Hour AgoThe Muse effect: Do banks face disruption risk from AI agents?
Mark Zuckerberg, CEO of the Facebook parent company Meta, takes the stage at the Meta Connect developer conference. Andrej Sokolow | Picture Alliance | Getty ImagesOne 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
1 Hour AgoOura's shelved IPO raises questions about Wall Street's deal outlook
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 ImagesThe 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
1 Hour AgoThe breakdown of segment revenues expected for Citigroup
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 report $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
2 Hours AgoJamie Dimon's warning on interest rates is coming into focus
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 ImagesFor 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 Treasuries become enticing to investors. Higher borrowing costs may weigh on loan demand, while tighter financial conditions could complicate mergers and IPOs.
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
2 Hours AgoIs the clock ticking on Goldman Sachs CEO David Solomon's tenure?
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 ImagesThis will be the first chance that analysts have to directly ask Goldman Sachs CEO David Solomon about reports that he could be replaced 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 bonuses in 2025 to keep them at the bank through 2030.
— Hugh Son
2 Hours AgoWells Fargo is expected to report these segment revenues
Analysts are expecting Wells Fargo to report 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
2 Hours AgoWells Fargo has a streak of beating revenue expectations
According to StreetAccount, Wells Fargo has beaten consensus expectations for revenue in 12 of the past 20 quarters.
The company has also beaten consensus metrics for earnings per share in 16 of the past 20 quarters, with one report in-line with expectations.
– Laya Neelakandan
2 Hours AgoHere's what to expect from Citigroup
Dado Ruvic | ReutersCitigroup 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
2 Hours AgoHere's what analysts are expecting from Goldman Sachs
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 ImagesGoldman 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
2 Hours AgoHere's what Wall Street expects from JPMorgan
Jamie Dimon, CEO of JPMorgan Chase, departs the Capitol in Washington, Feb. 25, 2026.Graeme Sloan | Bloomberg | Getty ImagesJPMorgan 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
2 Hours AgoHere's what analysts are expecting from Wells Fargo
A Wells Fargo logo is displayed on a sign outside of a bank branch on June 6, 2026 in Washington, DC.Kevin Carter | Getty ImagesWells 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
