On October 13, 2026, JPMorgan, Goldman Sachs, Wells Fargo and Citigroup reported third-quarter results. JPMorgan missed earnings and revenue estimates, Goldman delivered a strong beat driven by equities trading, and Wells and Citi were mixed-to-positive. Accounting and controllership teams should note the consumer-credit commentary and the sequential slowdown in fixed-income trading when updating close processes and credit-loss models.
Four major U.S. banks opened the third-quarter earnings season on October 13 with mixed results: JPMorgan missed estimates while Goldman beat on equities strength. Controllers, credit teams and external auditors should treat the consumer-health commentary and trading-revenue split as inputs for quarter-end provisioning and disclosure work.
- What changed? Q3 results showed resilient consumers but uneven trading and investment-banking activity.
- When? Reports released the morning of October 13, 2026. Bank of America and Morgan Stanley report October 14.
- Who is affected? Accounting teams modeling credit losses, fair-value marks, and revenue recognition for trading and banking fees.
- What to do this week? Compare internal credit metrics against the banks’ charge-off and delinquency trends; review any fixed-income or equities valuation inputs that may need refresh.
What did the four banks report?
JPMorgan reported EPS of $5.57, below the roughly $5.90 consensus, and revenue of approximately $50.9 billion, also short of estimates. The miss included a securities loss. Goldman reported EPS of $17.01 and revenue of $18.68 billion, well above expectations, with equities trading revenue up 72 percent year-over-year to $6.44 billion. Wells Fargo posted EPS of $1.87 (slightly above estimates) but revenue of $21.87 billion (below). Citigroup reported EPS of $2.85 and revenue of $23.85 billion, its strongest third-quarter revenue in a decade, with net income up 40 percent.
These figures come from the banks’ October 13 releases and contemporaneous market coverage. JPMorgan’s fixed-income trading was softer than expected, while Goldman’s equities desk benefited from derivatives and prime financing activity.
How did trading and investment banking diverge?
Equities desks generally outperformed while fixed-income trading was flat to down at several firms. Goldman’s equities strength came from derivatives and prime financing. Investment-banking fees rose at Goldman and Citi but were softer at JPMorgan. The split is relevant for any company that marks derivative or securities positions or that relies on banking-fee revenue for planning. Sequential slowdowns in fixed-income revenue at multiple firms may affect fair-value inputs used in internal models for the current quarter close.
What did management say about consumers?
CEOs described consumers as healthy. Wells Fargo’s Charlie Scharf said customers are spending more, delinquencies are low, and deposit and investment balances have grown. JPMorgan’s Jamie Dimon noted continued consumer spending while flagging risks from inflation, asset prices, rising rates and geopolitics. Card charge-off rates declined year-over-year at the banks that disclosed them. JPMorgan expects a net charge-off rate of about 3.2 percent in its card business, down from an earlier 3.4 percent forecast. Management commentary consistently pointed to a healthy labor market as the primary support for consumer credit quality.
What should accounting teams do this week?
Refresh CECL or expected-credit-loss models with the latest charge-off and delinquency data from the bank releases. Review any significant securities or derivative positions for fair-value inputs that may have shifted with the equities-versus-fixed-income divergence. Confirm that any banking-fee or trading-revenue forecasts used in internal planning still align with the sequential trends reported yesterday. Prepare for the additional data from Bank of America and Morgan Stanley today. Document the consumer-health observations for the current-period credit-loss qualitative factors.
What to watch next?
Bank of America and Morgan Stanley report on October 14. Asset managers BlackRock and State Street also report. Subsequent commentary on deposit betas, net-interest-income guidance, and AI-related spending will feed into both credit and expense models for the remainder of the year. Any shift in the consumer-credit narrative once the full set of large-bank results is available should be incorporated into remaining open period-end estimates.
FAQ
Did any bank report a deterioration in credit?
No. Reported card charge-off rates improved year-over-year, and management described consumers as healthy.
Why did JPMorgan miss?
Fixed-income trading was softer than expected and the bank took a securities loss; investment-banking activity also moderated sequentially.
What drove Goldman’s beat?
A 72 percent year-over-year increase in equities trading revenue to $6.44 billion, supported by derivatives and prime financing.
How should we use the consumer commentary?
As qualitative support for stable or improving credit trends, not as a substitute for company-specific loss data.
When do the remaining large banks report?
Bank of America and Morgan Stanley report on October 14, along with BlackRock and State Street.
Last Updated: October 14, 2026. Related: Finance Hub.
Discover more from Kurums | Business Intelligence
Subscribe to get the latest posts sent to your email.
