JPMorgan misses profit forecasts as Goldman and Citi beat
JPMorgan Chase earned $15.3 billion in the third quarter but fell short of Wall Street's profit forecasts for the first time in nearly three years, Reuters reported. Rivals Goldman Sachs and Citigroup posted profits above expectations on Tuesday. Wells Fargo topped profit forecasts but missed on revenue.
JPMorgan Chase, the biggest U.S. bank, said Tuesday it earned $15.3 billion, or $5.57 a share, from July through September. That was up from $14.4 billion a year earlier, Quartz reported. But analysts had expected $5.85 a share, according to LSEG estimates cited by Reuters. Reuters said it was the bank's first profit miss since the fourth quarter of 2023.
Part of the gap came from a one-time hit, Quartz reported. The bank took $658 million in losses on investment securities. Without them, JPMorgan would have earned $5.75 a share, the company said.
Trading and deal fees still grew, but some fell short of forecasts, Reuters reported. Revenue at the markets division rose 15%, and stock trading revenue jumped 49%, Reuters said. Bond trading revenue fell 4%. Investment banking fees rose 14% from a year earlier but fell 8% from the spring quarter, Reuters reported.
Chief Executive Jamie Dimon said the economy is still fueled by "strong business investment and ongoing consumer spending," Reuters reported. But he warned that "large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift under the surface," Quartz reported.
Rivals did better. Goldman Sachs earned $5.29 billion, or $17.01 a share, Reuters reported. Analysts had expected $13.02 a share, according to LSEG estimates cited by Reuters. Its stock trading revenue jumped 72% to $6.44 billion, Reuters said.
Citigroup's profit rose 40% from a year earlier to $5.25 billion, or $2.85 a share, Reuters reported. Chief Executive Jane Fraser said the bank expects to beat this year's return target.
Wells Fargo earned $1.87 a share, just above the $1.85 analysts expected, according to LSEG data cited by Reuters. But its revenue of $21.87 billion fell short of the $22.31 billion estimate, and its shares fell in premarket trading, Reuters reported.
Bank of America and Morgan Stanley report on Wednesday, Quartz said.
What we know: JPMorgan's profit rose from a year ago but missed forecasts, while Goldman Sachs and Citigroup beat them.
What we don't: Whether higher interest rates will keep slowing deals and trading in the last three months of the year.
Where outlets agree Reuters and Quartz both report that JPMorgan earned $5.57 a share and that the result fell short of analyst estimates.
Where they differ The outlets cited here report the same key facts so far.
That’s the last story in this edition. See every brief from Tue, Oct 13, 2026.