JPMorgan & Wells Fargo Q3 Earnings: Mixed Results Kick Off Bank Season
JPMorgan missed EPS and revenue estimates with FICC trading badly undershooting, though NII guidance was raised. Wells Fargo beat on EPS but missed revenue and NII.
What we know
JPMorgan reported adj. EPS of $5.75 vs $5.94 est. and revenue of $50.9B vs $51.22B est., sending shares -2.8% premarket. FICC trading missed badly at $5.37B vs $6B est., though equities beat. JPM later bounced after boosting full-year NII guidance to $106.2B. Jamie Dimon acknowledged the strong economy but flagged risks from rising rates, sticky inflation, deficits, and geopolitics. Wells Fargo posted a slim EPS beat ($1.87 vs $1.85) but missed on revenue ($21.87B vs $22.30B) and NII. Wells also cut Adobe to Underweight.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.