JPMorgan Chase, Goldman and other big banks report earnings this week. What to expect
The biggest banks in the U.S. are due to report third-quarter results this week, setting the tone for the rest of the reporting period.
TL;DR
- JPMorgan Chase, Goldman Sachs, Citigroup, and Wells Fargo report earnings on Tuesday.
- Morgan Stanley and Bank of America report earnings on Wednesday.
- These reports come at a volatile time for Wall Street, with concerns about inflation and potential Federal Reserve rate hikes.
- JPMorgan Chase is expected to show double-digit earnings growth, though expenses could rise.
- Goldman Sachs is forecast to see around 10% growth in top and bottom lines, benefiting from favorable market conditions.
- Citigroup is expected to report strong year-on-year earnings growth, with analysts noting an improving return profile.
- Wells Fargo is forecast to post earnings growth of over 10%, but its stock has seen a recent decline.
- Morgan Stanley's revenue is expected to have grown nearly 10%, though trading income might decrease.
- Bank of America anticipates single-digit year-on-year earnings and revenue growth, with potential weakness in trading and investment banking fees.