JPMorgan rises, Wells Fargo falls after Q3 results
WFC•JPMorgan shares rose 1.6% premarket after it reported higher Q3 profit, while Wells Fargo shares fell 1.3% despite net income increasing to $5.95 billion, or $1.87 per share.
1. Shares diverge after results
JPMorgan Chase & Co shares rose 1.6% premarket as the company reported higher Q3 profit, though investment banking fees fell 8% from Q2 as dealmaking momentum moderated. Revenue from the unit was up 14% from a year earlier.
2. Wells Fargo profit rises
Wells Fargo shares fell 1.3% premarket after the bank reported Q3 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; Goldman Sachs, Citigroup and Morgan Stanley shares were also down.
