Big bank profits rise on trading as the IMF flags AI and bond-market risks

1. Bank & fintech

   Big banks report higher Q3 profits as equities trading surges

   JPMorgan Chase, Wells Fargo, Goldman Sachs and Citigroup reported higher third-quarter profits, led by stock-trading revenue, with loan losses roughly flat at Wells Fargo and Citi.

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2. Macro

   IMF warns AI correction, bond yields and cyber risks could spark wider stress

   The IMF warned that an AI market correction, rising bond yields or a cyberattack could turn resilient markets into systemic stress, with weak banks holding 22% of global banking assets in its stress test.

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3. Policy

   White House sets November 5 hearing on removing Fed Governor Lisa Cook

   A presidential memo creates a three-member committee to report whether there is legal cause to fire Cook over 2021 mortgage statements; she denies wrongdoing and has not been charged.

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4. Macro

   Fed survey: typical family net worth up 2% since 2022, but more households are stretched by debt payments

   The Fed’s 2025 Survey of Consumer Finances found median family net worth up 2% to $215,900 after inflation, while the share of families spending more than 40% of income on debt payments rose to 8.6%.

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5. Markets

   S&P 500 sits at a record, but more than 4 in 10 of its stocks are down this year

   A Reuters analysis of LSEG data found the index up about 14% this year while its median member stock has gained about 4%, with technology driving most of the advance.

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Each item links to a full, sourced article. The briefing is rewritten through the day as news scans add stories; the notes above record each change.