US banks: JPM and GS rise, Wells Fargo falls after Q3 results
XLF•JPMorgan and Goldman Sachs shares rose in premarket trading after reporting higher third-quarter profits, while Wells Fargo shares fell 1.3% despite net income rising to $5.95 billion, or $1.87 per share.
1. Goldman Sachs and JPMorgan
Goldman Sachs shares rose 1.8% in premarket trading after the bank reported higher third-quarter profit. Equities trading revenue jumped 72% to $6.44 billion, and investment banking fees rose 21% to $3.22 billion. JPMorgan shares rose 1.6% after the bank reported higher profit, though investment banking fees fell 8% from the prior quarter; revenue from the unit rose 14% year over year.
2. Wells Fargo earnings
Wells Fargo shares fell 1.3% in premarket trading after the bank reported third-quarter net income of $5.95 billion, or $1.87 per share, compared with $5.59 billion, or $1.66 per share, a year earlier. The bank said its customers were doing well despite economic uncertainty.
