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Big banks were in the spotlight in the last few days as the most valuable investment banks in the United States reported better-than-expected third-quarter financial results including Goldman Sachs, JP Morgan, Bank of America, Wells Fargo, Citigroup, and Morgan Stanley.
The largest bank in the United States by assets, JPMorgan Chase & Co. (NYSE: JPM) reported quarterly results that beat estimates on the top and bottom lines. $JPM revenue increased 10% to $33.49 billion in the third quarter while earnings declined 17% YoY to $3.12 per share.
US banking giant Citigroup (NYSE: C) also beat estimates for third-quarter profit, its revenue rose 6 percent to $18.5 billion compared to the $18.25 billion expected and earnings for the three months ending in September were pegged at $1.63 per share.
The San Francisco-based bank Wells Fargo (NYSE: WFC) Q3 results exceeded Wall Street expectations. The bank reported quarterly earnings of $1.30 per share on revenues of $19.50 billion, ahead of expectations of $18.75 billion. However, the bank’s net income dropped 31% year-over-year to $3.53 billion in Q3.
Morgan Stanley (NYSE: MS) delivered disappointing third-quarter earnings compared to other big investment banks. Morgan Stanley’s net revenue in the quarter fell 12 percent to $13 billion compared to the market expectation of $13.3 billion and the bank posted a profit of $1.47 per share compared with a profit of $1.49 per share expectation.
Bank of America (NYSE: BAC) posted better-than-expected quarterly revenue in the third quarter. The revenue increased 8% to $24.5 billion vs $23.57 billion expected, led by a 24% improvement in net interest income to $13.8 billion. Meanwhile, the BoFA reported a 9% decline in third-quarter profits, the bank earned 81 cents per share for the last quarter beating the expectation of 77 cents per share.
The asset management giant Goldman Sachs (NYSE: GS) beat Q3 profit and revenue expectations. The upbeat results were boosted by strong bond trading results. The third-quarter earnings came in at $8.25 per share on revenue of $11.41 billion.
Check out the original article here - https://gulfbrokers.com/en/us-big-banks-q3-earnings-review
The largest bank in the United States by assets, JPMorgan Chase & Co. (NYSE: JPM) reported quarterly results that beat estimates on the top and bottom lines. $JPM revenue increased 10% to $33.49 billion in the third quarter while earnings declined 17% YoY to $3.12 per share.
US banking giant Citigroup (NYSE: C) also beat estimates for third-quarter profit, its revenue rose 6 percent to $18.5 billion compared to the $18.25 billion expected and earnings for the three months ending in September were pegged at $1.63 per share.
The San Francisco-based bank Wells Fargo (NYSE: WFC) Q3 results exceeded Wall Street expectations. The bank reported quarterly earnings of $1.30 per share on revenues of $19.50 billion, ahead of expectations of $18.75 billion. However, the bank’s net income dropped 31% year-over-year to $3.53 billion in Q3.
Morgan Stanley (NYSE: MS) delivered disappointing third-quarter earnings compared to other big investment banks. Morgan Stanley’s net revenue in the quarter fell 12 percent to $13 billion compared to the market expectation of $13.3 billion and the bank posted a profit of $1.47 per share compared with a profit of $1.49 per share expectation.
Bank of America (NYSE: BAC) posted better-than-expected quarterly revenue in the third quarter. The revenue increased 8% to $24.5 billion vs $23.57 billion expected, led by a 24% improvement in net interest income to $13.8 billion. Meanwhile, the BoFA reported a 9% decline in third-quarter profits, the bank earned 81 cents per share for the last quarter beating the expectation of 77 cents per share.
The asset management giant Goldman Sachs (NYSE: GS) beat Q3 profit and revenue expectations. The upbeat results were boosted by strong bond trading results. The third-quarter earnings came in at $8.25 per share on revenue of $11.41 billion.
Check out the original article here - https://gulfbrokers.com/en/us-big-banks-q3-earnings-review
