News · October 13, 2026, 17:31 UTC · Verified against the sources listed below.
JPMorgan Chase and Goldman Sachs reported third-quarter 2026 results on Tuesday, October 13, 2026, delivering a mixed picture that set the tone for a closely watched bank earnings season. While JPMorgan, the largest U.S. bank by assets, posted a rare earnings miss, Goldman Sachs blew past revenue and earnings estimates on the strength of its equities business.
The results from JPMorgan, Goldman Sachs, Wells Fargo and Citigroup arrived before markets opened, with Bank of America and Morgan Stanley scheduled to report on Wednesday, October 14, 2026, according to CNBC.
What happened
JPMorgan reported third-quarter profit of $15.31 billion, or $5.57 per share, falling short of the $5.93 per share analysts polled by FactSet had expected, according to Morningstar. Although revenue rose 8% from a year earlier to $50.17 billion, it remained below the $51.23 billion Wall Street anticipated. The results were hit by a $658 million loss on investment securities, Morningstar reported, while JPMorgan’s fixed income trading of $5.4 billion missed estimates by roughly $550 million. Expenses also came in about $90 million above expectations, according to the New York Post.
Goldman Sachs, by contrast, posted diluted earnings per share of $17.01 against a consensus estimate of $13.65, with revenue of $18.68 billion beating the $17.03 billion estimate, according to Yahoo Finance. Equities revenue surged 72% to $6.44 billion, and advisory fees reached a record $1.65 billion. Goldman CEO David Solomon said clients “continued to turn to Goldman Sachs for our world-class advice, execution and financing capabilities,” according to the earnings release cited by Yahoo Finance.
Wells Fargo earned $5.95 billion, or $1.87 per share, edging out the $1.85 per share analysts expected, but revenue of $21.87 billion fell short of the $22.31 billion estimate, Morningstar reported. Citigroup posted net income of $5.2 billion, or $2.85 per share, up from $3.8 billion, or $1.86 per share, a year earlier, with revenue reaching $23.8 billion.
Analysis: Why it matters for investors
Goldman’s equities-led beat and JPMorgan’s miss illustrate how uneven the third quarter was across Wall Street’s largest firms. Goldman’s equities financing line jumped 96%, while JPMorgan’s investment banking revenue was up 14% year over year but down 8% quarter over quarter, according to CNBC.
JPMorgan CEO Jamie Dimon said client activity among markets and investment-banking clients moderated from the strong second quarter, and warned that large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift below the surface. He also cautioned that financial pain across the U.S. would worsen if interest rates rise another percentage point, according to the New York Post.
Goldman’s investment banking backlog declined from the second quarter and its CET1 ratio dropped to 12.4%, tempering an otherwise record-setting quarter, Yahoo Finance reported. The mixed results suggest that trading strength, particularly in equities, may be offsetting softer investment banking activity at some firms.
Who is affected
Investors in bank stocks saw divergent reactions. Goldman Sachs shares rose 1% to $904.09 in early action, while JPMorgan was basically unchanged at $334.39 and Wells Fargo fell 3% to $81.08, according to Yahoo Finance. The Financial Select Sector SPDR ETF gained 1% to $55.62, outpacing the broader market as the SPDR S&P 500 ETF Trust slipped 0.1% to $777.41.
Wells Fargo CFO Mike Santomassimo told CNBC that both consumers and businesses are doing “really well” and that the bank is not seeing cracks in delinquency trends. Citigroup CEO Jane Fraser said the global economy “has held up remarkably well” and that the U.S. consumer is still driving much of the growth.
What is still uncertain
The sources do not say how Bank of America and Morgan Stanley will perform when they report on Wednesday, October 14, 2026. It also remains unclear how the Federal Reserve’s rate decisions will affect bank profitability in coming quarters, though Dimon warned of worsening financial pain if rates rise further. The trajectory of investment banking activity and trading volumes for the remainder of 2026 has not been disclosed.
Conclusion: What to watch next
Bank of America and Morgan Stanley report on Wednesday, October 14, 2026, completing third-quarter results for the six largest U.S. banks. Investors will be watching whether the trading strength that lifted Goldman Sachs extends to other firms, and whether JPMorgan’s miss signals broader pressure on the sector. Dimon’s warnings about interest rates, inflation and geopolitical risks are likely to remain central themes as the earnings season continues.
Sources
- CNBC: Bank earnings takeaways: Here’s how JPMorgan, Goldman, Wells Fargo and Citi performed in Q3 (published 2026-10-13)
- jpmorganchase.com: JPMORGANCHASE REPORTS SECOND-QUARTER 2026 NET INCOME OF $21.2 BILLION ($7.70 PER SHARE),
- Yahoo Finance: Goldman Sachs Rises on Equities-Led Earnings Beat; JPMorgan Chase Treads Water, Wells Fargo Declines 3% (published 2026-10-13)
- Morningstar, Inc.: JPMorgan, Goldman Profits Jump as Banks Kick Off Earnings (published 2026-10-13)
- New York Post: JPMorgan records rare earnings miss, Goldman Sachs delivers blowout revenue in mixed quarter (published 2026-10-13)
Sources accessed on October 13, 2026. Figures as reported by the sources above.
Frequently Asked Questions
When did JPMorgan and Goldman Sachs report third-quarter 2026 earnings?
Both banks reported on Tuesday, October 13, 2026, alongside Wells Fargo and Citigroup. Bank of America and Morgan Stanley are scheduled to report on Wednesday, October 14, 2026.
How did JPMorgan's third-quarter results compare with expectations?
JPMorgan reported profit of $15.31 billion, or $5.57 per share, missing the $5.93 per share analysts polled by FactSet expected. Revenue rose 8% to $50.17 billion, below the $51.23 billion Wall Street anticipated.
What drove Goldman Sachs' earnings beat?
Goldman Sachs posted diluted earnings per share of $17.01 against a $13.65 estimate, with revenue of $18.68 billion. Equities revenue surged 72% to $6.44 billion, and advisory fees reached a record $1.65 billion.
How did Wells Fargo and Citigroup perform in the third quarter?
Wells Fargo earned $5.95 billion, or $1.87 per share, edging out the $1.85 estimate, but revenue of $21.87 billion missed the $22.31 billion expected. Citigroup posted net income of $5.2 billion, or $2.85 per share, with revenue of $23.8 billion.
What risks did JPMorgan CEO Jamie Dimon highlight?
Dimon noted that large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift below the surface. He also warned that financial pain across the U.S. would worsen if interest rates rise another percentage point.
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