America's biggest banks had a split third quarter. JPMorgan Chase missed Wall Street's profit forecast, earning $5.57 a share against expectations of about $5.90. Goldman Sachs and Citigroup beat comfortably, and Bank of America took a $1.2 billion regulatory charge that pushed its profit down from a year earlier.
The results, released on October 13 and 14, 2026, opened earnings season while the Federal Reserve is raising interest rates and inflation is climbing.
How did the big banks do in Q3 2026?
| Bank | Earnings per share | Net income | Revenue | Stock reaction |
|---|---|---|---|---|
| JPMorgan Chase | $5.57 (est. ~$5.90) | $15.3bn | ~$50.2bn, below estimates | Roughly flat |
| Goldman Sachs | $17.01 (est. $13.65) | $5.29bn | $18.68bn | Up about 1% |
| Citigroup | $2.85, beat | $5.2bn (from $3.8bn) | $23.8bn, up 8% | Down about 4% |
| Wells Fargo | $1.87, narrow beat | — | $21.87bn, missed | Down 2% to 3% |
| Bank of America | $0.91 ($1.08 excl. charge) | $6.9bn (from $8.3bn) | — | — |
Figures from company results as reported by the Associated Press, 24/7 Wall St. and Gotrade. "Est." is the analyst consensus those outlets cited.
Why did JPMorgan miss?
JPMorgan took a $658 million loss on investment securities. Without it, earnings would have been $5.75 a share, still short of the forecast. Fixed-income trading also disappointed, according to the AP.
The core lending business was strong. Net interest income, what the bank earns on loans minus what it pays on deposits, rose 13% to $27.1 billion.
Chief executive Jamie Dimon said "the U.S. economy continued to be fueled by strong business investment and ongoing consumer spending." Chief financial officer Jeremy Barnum said "the consumer is currently very healthy, primarily because of a healthy labor market."
What drove Goldman Sachs' beat?
Stock trading. Goldman's equities revenue jumped 72% to $6.44 billion, driven by prime brokerage, portfolio financing and derivatives. Advisory fees reached a record $1.65 billion, and assets under supervision hit a record $4.1 trillion.
Total revenue of $18.68 billion was nearly $2 billion above estimates and the firm's second-best quarter ever. Earnings per share rose to $17.01 from $12.25 a year earlier.
What was Bank of America's $1.2 billion charge?
Bank of America reported a $1.2 billion regulatory settlement charge tied to consent orders over parts of its Bank Secrecy Act compliance programs. The charge is not tax-deductible and cost $0.17 a share.
Net income fell to $6.9 billion, or $0.91 a share, from $8.3 billion a year earlier. Excluding the charge, the bank would have earned $8.1 billion, or $1.08 a share. Net interest income rose 8% to $16.4 billion.
Citi and Wells Fargo
Citigroup posted its best third-quarter revenue in a decade, about $23.8 billion, and net income rose 40% to $5.2 billion. Even so, its shares fell about 4% on the day.
Wells Fargo narrowly beat on earnings at $1.87 a share, but revenue and net interest income both missed. The stock fell between 2% and 3%. CFO Mike Santomassimo said credit is "really good."
What do the results say about the economy?
Bankers sounded upbeat about American households. Every bank that commented described consumers who are still spending and still paying their loans, backed by a solid job market.
The bigger risk is interest rates. The Fed raised rates in September, and the 10-year Treasury yield is above 5%. Rising yields push down the value of bonds banks already hold, which is what caused JPMorgan's securities loss.
For more on where rates are heading, see our guide to the Fed's October meeting and the latest inflation report.
What comes next?
Regional banks and other financial firms report through the rest of October. The Fed's next decision is on Wednesday, October 28. A rate hike would help lending margins but add to pressure on bond portfolios and borrowers.
Published Monday, October 19, 2026. This article is for information only and is not investment advice.
