News Press Releases

Big Bank Q3 Earnings Roundup: Citigroup, JPMorgan, Wells Fargo Get Things Started

GS, JPM, WFC | October 12, 2018

Three bank giants reported Q3 earnings Friday morning. Here's a recap of what each bank reported.

JPMorgan

JPMorgan Chase & Co. (NYSE: JPM) earned $2.34 per share in Q3 on revenue of $27.8 billion.
Street analysts were expecting the bank to earn $2.25 per share on revenue of $27.5 billion.
Net income rose from $8.316 billion a year ago to $8.38 billion.
Book value per share rose 4 percent to $69.52, tangible book value per share rose 3 percent to $55.68.

JPMorgan CEO Jamie Dimon said the U.S. and global economy "continue to show strength." He also said economic and geopolitical concerns "have negative effects" on the economy in the future.

Wells Fargo

Wells Fargo & Co (NYSE: WFC) earned $1.16 per share in Q3 on revenue of $21.9 billion.
Street analysts were expecting the bank to earn $1.17 per share on revenue of $21.9 billion.
Net income rose from $4.5 billion a year ago to $6.0 billion.
Book value per share rose from $36.92 a year ago to $37.55, tangible book value rose from $30.99 to $31.49.

Wells Fargo CEO Tim Sloan said the company continues to " make progress in our efforts to build a better Wells Fargo." He also said the company continues to "make progress on customer remediation" which is important to rebuild trust.

Citi

Citigroup Inc (NYSE: C) earned $1.73 per share in Q3 on revenue of $18.389 billion.
Street analysts were expecting the bank to earn $1.69 per share on revenue of $18.45 billion.
Net income rose from $4.133 billion a year ago to $4.622 billion.
Book value per share fell from $78.81 a year ago to $72.88, tangible book value per share fell from $68.55 to $61.91.

Citi CEO Michael Corbat said the Q3 print signals "solid" growth from a year ago across many of the business segments. He also said the company remains focused on making "targeted investments" to fund future growth.