Big Banks Report Q3 Earnings; JPMorgan Leads The Pack

JPMorgan Chase & Co. JPM shares were trading higher Tuesday after the bank posted third-quarter EPS of $2.68, beating the $2.45 Street estimate, and sales of $29.3 billion, which topped the analyst estimate of $28.49 billion. 

“JPMorgan Chase delivered record revenue this quarter, demonstrating broad-based strength and the resilience of our business model despite a more challenging interest rate backdrop," CEO Jamie Dimon said in a statement. 

“In consumer and community banking, we had strong deposit and client investment asset growth. Our consumer lending businesses benefited from our continued investments and a favorable environment for borrowers, which helped drive healthy volumes in home lending and auto and strong loan growth in card."

U.S. GDP growth has slowed slightly, but the consumer remains healthy, with growth in wages and spending combined with strong balance sheets and low unemployment levels, he said. 

JPMorgan shares were trading up 2.1% at $118.90 at the time of publication premarket Tuesday.

Citi Posts Q3 Beat

Citigroup Inc C reported third-quarter EPS of $2.07 versus a $1.95 estimate and sales of $18.57 billion against an $18.55-billion estimate. 

Citigroup shares were trading down 0.88% at $69.62 at the time of publication. 

Goldman Misses Street Estimates 

Goldman Sachs Group Inc GS shares fell after third-quarter EPS of $4.79 missed the $4.81 Street estimate.

Sales of $8.32 billion missed the $8.34-billion consensus estimate. 

Goldman Sachs shares were trading down 2.02% at $201.67 at the time of publication. 

Wells Fargo Earnings Miss

Wells Fargo & Co WFC shares were trading lower after the bank reported third-quarter net income of $4.6 billion, or 92 cents per diluted common share. The Street had been expecting EPS of $1.14. 

The bank reported $6 billion in net income in the same quarter last year, for earnings of $1.13 per share, and $6.2 billion and $1.30 per share in earnings in the second quarter of 2019. 

Sales of $22 billion beat a $21.19-billion estimate. 

"We continued to make progress on our top priorities during the third quarter, and we're all looking forward to Charlie Scharf's joining Wells Fargo on October 21 as the company's CEO,” interim CEO Allen Parker said in a statement.

Wells Fargo shares were trading down 1.06% at $48.75 at the time of publication. 

Related Links:

JPMorgan Q2 Earnings Beat Estimates

Citigroup Trades Higher On Q2 Earnings Beat

JPMorgan & Chase Co. CEO Jamie Dimon. Photo by Dustin Blitchok.