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6h ago

Wall Street Banks Beat in Q3 on Trading and Dealmaking Surge

A dealmaking rebound drove the gains, with CEOs warning about tariffs, trade uncertainty, elevated asset prices, sticky inflation risks.

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)
The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren

Overview

  • JPMorgan posted $14.4 billion in net income and $5.07 EPS, with a third‑quarter record $8.9 billion in markets revenue and $2.6 billion in investment banking fees, and it lifted full‑year net interest income guidance to roughly $95.8 billion.
  • Goldman Sachs reported $15.18 billion in revenue and $4.1 billion in profit, as investment banking fees jumped 42% to $2.66 billion and trading stayed strong, marking one of its best quarters in its core Wall Street businesses.
  • Wells Fargo and Citigroup also beat estimates, with Wells Fargo profit up 9% to $5.6 billion and investment banking fees up 25% to $840 million, reinforcing broad strength across large U.S. banks.
  • Executives cautioned on the outlook, with JPMorgan’s Jamie Dimon citing tariffs, geopolitics, elevated asset prices and sticky inflation; JPMorgan’s credit provisions rose to $3.4 billion, including charges tied to specific borrower issues.
  • Bank leaders flagged robust pipelines for M&A and capital markets, LSEG/Dealogic data showed megadeals totaling about $1.26 trillion in the quarter, and JPMorgan outlined capital commitments toward security and resiliency sectors alongside its earnings update.