Wall Street is celebrating this Friday morning as JP Morgan, Citi and Wells Fargo all reported third-quarter earnings that beat expectations.
JP Morgan beat analyst expectations across investment banking and trading — and had a historically strong quarter in fixed income, or FICC, trading. The bank reported earnings per share of $1.58 on adjusted revenue of $24.67 billion. Analysts were expecting adjusted earnings per share of $1.39 on revenue of $24.25 billion, according to Bloomberg.
- Citi delivered adjusted earnings per share of $1.24 on revenues of $17.8 billion. Analysts expected adjusted earnings per share of $1.16 on revenue of $17.29 billion, according to Bloomberg. Total trading revenues came in at $4.5 billion, ahead of analyst expectations of $3.74 billion.
- And Wells Fargo beats on its first earnings since the fake accounts scandal. The bank reported revenue of $22.3 billion and earnings per share of $1.03. Analysts expected the bank to report earnings per share of $1.01 and revenue of $22.22 billion.
Bank of America Merrill Lynch, Goldman Sachs, and Morgan Stanley report third quarter earnings next week.