US banks: JPM and GS rise, Wells Fargo and Citi fall after Q3 results
XLF•Shares of JPMorgan and Goldman Sachs rose in premarket trading after their third-quarter results, while Wells Fargo and Citigroup shares fell. Goldman’s equities revenue jumped 72% to $6.44 billion, while Citigroup’s profit rose 40% to $5.25 billion.
1. Mixed premarket moves
JPMorgan shares rose 0.4% and Goldman Sachs shares gained 3.8% in premarket trading after their third-quarter results. Wells Fargo shares fell 1% and Citigroup shares dropped 1.1%.
2. Results across banks
Goldman’s equities trading revenue jumped 72% to $6.44 billion, while investment banking fees rose 21% to $3.22 billion. JPMorgan reported profit of $5.57 per share, below the $5.85 average analyst estimate, as fixed-income trading revenue fell 4% and investment banking fee growth moderated. Citigroup’s profit rose to $5.25 billion, or $2.85 per share, from $3.8 billion, or $1.86 per share, a year earlier; Wells Fargo’s net income increased to $5.95 billion, or $1.87 per share, from $5.59 billion, or $1.66 per share.
