Analysis
Taken together, the four reports show a quarter in which markets and deal activity helped large banks more than consumer lending did. Loan-loss figures held steady rather than rising sharply, though two banks added to their reserves for future losses and each chief executive pointed to economic risks.
What the four banks reported
JPMorgan Chase, Wells Fargo, Goldman Sachs and Citigroup each released results for the quarter ended September 30, 2026 on October 13. The figures below are as reported by the banks. Year-over-year changes are the ones the companies themselves state or show in their tables.
JPMorgan Chase reported net income of $15.3 billion, or $5.57 a share, on reported revenue of $50.2 billion, compared with $14.4 billion and $5.07 a share a year earlier [1]. Wells Fargo reported net income of $6.0 billion, or $1.87 a share, on revenue of $21.9 billion, compared with $5.6 billion and $1.66 a share in the third quarter of 2025 [2]. Goldman Sachs reported net earnings of $5.3 billion, or $17.01 a share, on net revenues of $18.7 billion, compared with $4.1 billion and $12.25 a share a year earlier [3][5]. Citigroup reported net income of $5.2 billion, or $2.85 a share, on revenues of $23.8 billion, compared with $3.8 billion and $1.86 a share in the third quarter of 2025 [4].
| Company | Net income | Diluted EPS | Revenue | Provision for credit losses |
|---|---|---|---|---|
| JPMorgan Chase | $15.3 billion (3Q25: $14.4 billion) | $5.57 (3Q25: $5.07) | $50.2 billion reported; $50.9 billion managed (3Q25: $46.4 billion reported) | $2.7 billion (3Q25: $3.4 billion) |
| Wells Fargo | $6.0 billion (3Q25: $5.6 billion) | $1.87 (3Q25: $1.66) | $21.9 billion (3Q25: $21.4 billion) | $1.0 billion (3Q25: $0.7 billion) |
| Goldman Sachs | $5.3 billion (3Q25: $4.1 billion) | $17.01 (3Q25: $12.25) | $18.7 billion (3Q25: $15.2 billion) | $368 million (3Q25: $339 million) |
| Citigroup | $5.2 billion (3Q25: $3.8 billion) | $2.85 (3Q25: $1.86) | $23.8 billion (3Q25: $22.1 billion) | $2.6 billion (3Q25: $2.5 billion) |
Largest and most consequential results
The biggest swing in the reports came from stock-market activity. Goldman Sachs said equities net revenues were $6.44 billion, 72% higher than a year earlier, driven by higher revenues from financing for trading clients, known as prime and portfolio financing, and from derivatives trading [5]. JPMorgan said Equity Markets revenue was $5.0 billion, up 49%, with strength in prime and derivatives [1]. Wells Fargo reported equities revenue up 21% [2], and Citi reported equity markets revenue of $1.7 billion, up 14% [4].
Fixed-income trading was weaker or flat at most of the banks. JPMorgan said Fixed Income Markets revenue was down 4% [1], Wells Fargo reported a 7% decline in fixed income, currencies and commodities [2], and Goldman said FICC revenues were essentially unchanged [5]. Citi reported fixed income markets revenue up 4% [4].
Citigroup had the largest percentage gain in profit among the four, but its prior-year quarter included a $726 million goodwill impairment ($714 million after tax) tied to its agreement to sell a 25% stake in its Mexican banking unit. Citi said that excluding that item, which is a company-adjusted measure, net income a year earlier was $4.5 billion and earnings per share were $2.24, so its per-share earnings were up 27% on that basis and 53% as reported [4]. Citi chair and chief executive Jane Fraser said the quarter "included the best third-quarter revenue in a decade" [4].
JPMorgan's results were reduced by $658 million of net investment securities losses in its Corporate segment, which the bank said were $498 million after tax. Excluding that item, a company-adjusted measure, JPMorgan reported net income of $15.8 billion and earnings of $5.75 a share [1].
JPMorgan Chase
JPMorgan reported revenue of $50.2 billion, up 8% from a year earlier, and noninterest expense of $27.3 billion, up 12%, which the bank attributed mainly to higher pay, including revenue-related pay, plus brokerage, marketing and technology costs [1].
The bank set aside $2.7 billion for credit losses, compared with $3.4 billion a year earlier. , the loans written off as uncollectible, were $2.2 billion, down $389 million, and the bank added $539 million to its reserve, mainly for loans to businesses [1].
By division, Consumer & Community Banking earned $5.7 billion, up 13%; the Commercial & Investment Bank earned $8.2 billion, up 20%, with investment banking fees up 14%; and Asset & Wealth Management earned $1.8 billion, up 11%, with assets under management of $5.2 trillion, up 13% [1]. JPMorgan said it reduced share repurchases in the quarter, with $664 million of net common stock repurchases [1].
The release gives no numerical forecast. Chairman and chief executive Jamie Dimon wrote that "large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift under the surface. These forces may be manageable, but we remain prepared for a wide range of outcomes." [1]
Wells Fargo
Wells Fargo reported revenue of $21.9 billion, up 2%, and noninterest expense of $13.7 billion, down 1%, which it linked to efficiency efforts including an 8% reduction in headcount [2]. , the gap between what the bank earns on loans and investments and what it pays on deposits, rose 5% to $12.5 billion [2].
was $1.03 billion, compared with $681 million a year earlier, reflecting an increase in the tied to higher business and auto loan balances, partly offset by a lower allowance for commercial real estate loans. were $983 million, compared with $954 million a year earlier, or 0.38% of average loans on an annualized basis versus 0.40% [2].
Net income rose in three of the four main businesses from a year earlier: Consumer Banking and Lending earned $2.76 billion, up 21%; Wealth and Investment Management $603 million, up 19%; and Commercial Banking $1.20 billion, up 3%. Corporate and Investment Banking earned $1.92 billion, down 2% [2]. The bank said it repurchased $2.5 billion of common stock [2].
Chief executive Charlie Scharf said that "higher interest rates, higher oil prices and persistent inflation create risks to the economy," while "strong positive forces such as the investment in AI infrastructure, high employment levels and consistent wage growth continue to outweigh the risks." The release does not state numerical guidance. Wells Fargo noted its results are preliminary until its quarterly report is filed [2].
Goldman Sachs
Goldman Sachs reported net revenues of $18.68 billion, 23% above the third quarter of 2025 and 8% below the second quarter of 2026, with annualized return on common equity of 18.7%. Net earnings of $5.29 billion were up 29% from a year earlier [3][5].
Global Banking & Markets revenues were $13.46 billion, up 32%. Investment banking fees were $3.22 billion, up 21%, helped by more completed mergers and acquisitions and by initial and secondary stock offerings. Asset & Wealth Management revenues were $5.05 billion, up 14%, on higher management and incentive fees [5].
Platform Solutions revenues were $170 million, down 72%, which Goldman said primarily reflected net markdowns on its Apple Card loan portfolio, which was moved to held for sale in the fourth quarter of 2025 [5].
The was $368 million, compared with $339 million a year earlier, and Goldman said the latest quarter primarily reflected impairments on loans to businesses and institutions. Operating expenses rose 20% to $11.31 billion, with higher transaction-based and compensation costs [5]. Goldman returned $4.49 billion to common shareholders, including $3.00 billion of share repurchases, and declared a quarterly dividend of $5.00 a share [5].
Chairman and chief executive David Solomon said clients' use of the firm produced "our second highest quarterly net revenues and record year-to-date net revenues," and that he is "confident our market-leading franchises, deep relationships and continued investments will help drive long-term earnings growth." [3] The release states no numerical guidance.
Citigroup
Citigroup's revenue of $23.8 billion rose 8%, with growth in Services (up 15% to $6.6 billion), Wealth (up 15% to $3.3 billion), Markets (up 6% to $6.1 billion) and Banking (up 6% including loan-hedge gains), partly offset by a decline in its All Other segment. Operating expenses were $14.0 billion, down 2% [4].
Citi's was $2.6 billion, up 6%, made up of $2.2 billion of net credit losses, essentially unchanged from a year earlier, and a net reserve build of $369 million that the bank tied to changes in its economic outlook and portfolio growth. In U.S. Consumer Cards, net credit losses fell 4% to $1.67 billion and segment net income was $851 million, down 8% [4].
Citi reported a preliminary capital ratio of 12.8% and said it returned $4.1 billion to common shareholders through share repurchases and dividends [4].
On targets, Fraser said: "We expect to exceed this year's return target, even as we pull forward investments toward our 11-13% near-term goal — the next waypoints on our path to sustainable returns of 14-15%." [4] Citi's reported return on average tangible common equity for the quarter was 11.5%, a non-GAAP measure [4].
What the reports do not show
These are preliminary results from earnings releases, and Wells Fargo, Goldman Sachs and Citigroup each describe some figures as preliminary or subject to change in their quarterly filings [2][4][5]. Banks define some measures differently, so revenue and profit-ratio comparisons across the four are approximate; JPMorgan, for example, reports both a reported and a managed revenue figure [1].
What remains uncertain
Figures come from each company's earnings release and may change when the banks file their quarterly reports. Company-adjusted measures (JPMorgan excluding securities losses; Citi's prior-year figures excluding a goodwill impairment) are labeled as such and are not GAAP results. Revenue definitions differ by bank, and the releases do not give full-year numerical guidance.