Q3 Earnings Roundup: Here's How the Top Banks Performed
This week is bank earnings season. In a time of volatility in the financial markets, how did the banks do in Q3 '15? Here's a roundup of a few big-name banks.
Starting off the week were JPMorgan Chase's earnings, which failed to meet Wall Street's expectations. The bank had warned investors that Q3 revenue might be low due to lack of trading. The company earned $6.8B in Q3, or $1.68 a share. JPMorgan's stock traded down 3% on Wednesday.
Bank of America
With quarterly earnings of $4.51B, or $0.37 a share, Bank of America exceeded analysts expectations. Shares went up by 1%, but BofA has still been one of the worst performers among the big banks in the stock market this year with shares still down 12% YTD.
Wells Fargo also beat analyst expectations with a Q3 profit of $5.8B, or $1.05 a share. Wells Fargo stock traded down by almost 1% soon after its earnings release.
Citigroup may be having the best week out of the big banks, beating analysts' estimates with $4.2B in earnings, or $1.31 per share, prompting its shares to go up by 4% on Thursday.
The same can't be said for Goldman Sachs, which missed expectations on both revenue and profit. Its quarterly profit was at $6.86B, or $2.90 a share. Investment banking revenue went up, but its fixed-income, currency and commodities business tumbled.