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6h ago

Wall Street Banks Beat in Q3 as Trading and Dealmaking Roar Back

Bank leaders signal robust pipelines into year-end despite mounting tariff and credit risks.

David Solomon, chief executive officer of Goldman Sachs Group Inc., on the floor of the New York Stock Exchange in New York, US, on Wednesday, July 16, 2025.
American flags are displayed on screens on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., September 22, 2025. REUTERS/Jeenah Moon
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FILE - Chase Bank ATMs are shown, Thursday, March 25, 2021, in New York. (AP Photo/Mark Lennihan, File)

Overview

  • JPMorgan posted $14.4 billion in net income and $5.07 in EPS, with markets revenue up 25% to about $8.94 billion and investment banking fees rising roughly 16% to $2.6 billion.
  • Goldman Sachs reported record quarterly revenue of $15.18 billion and net earnings of $4.1 billion, as investment banking jumped 42% to about $2.66 billion and advisory rose 60%.
  • Wells Fargo earned $5.6 billion, up 9%, and Citigroup reported $3.75 billion in profit, both topping forecasts on stronger investment banking and steady consumer activity.
  • LSEG/Dealogic data show global investment banking fees at multi‑year highs with roughly $1.26 trillion in Q3 megadeals, and executives at JPMorgan and Wells Fargo said deal pipelines look strong.
  • JPMorgan announced a $10 billion Security and Resiliency Initiative targeting defense, AI, energy tech and advanced manufacturing, while executives cautioned on tariffs, elevated asset prices, sticky inflation and noted higher credit provisions.