AI-powered contentSome parts of this article are powered by AI.
Share this article
Summary
Goldman Sachs (GS) earned $17.01 per share in Q3, above the $13.09 consensus reported by Investing.com, on $18.68 billion in net revenues.
A 72% jump in equities revenue drove the beat, while JPMorgan missed estimates on slower fixed income trading and Citigroup beat.
Bank of America was ordered to pay a $1.2 billion fine over anti-money laundering and sanctions failures a day before its own Q3 report.
Gotrade News - Goldman Sachs (GS) reported third-quarter earnings of $17.01 per share on Tuesday, October 13, beating Wall Street estimates on a 72% jump in equities revenue, while JPMorgan Chase (JPM) missed and Citigroup (C) beat, opening a bank earnings season shadowed by a $1.2 billion fine on Bank of America.
According to Goldman Sachs' third-quarter earnings release, net revenues reached $18.68 billion, up 23% from a year earlier, and net earnings rose 29% to $5.29 billion. As reported by Investing.com, consensus had expected EPS of $13.09 and revenue of $16.86 billion, which made the print one of the widest beats among the big banks.
Goldman Sachs Q3 Scorecard: EPS $17.01 vs $13.09 Expected
The table below combines the company's reported figures from its earnings release with the consensus estimates reported by Investing.com.
Per the release, Global Banking & Markets generated $13.46 billion in net revenues, up 32% year over year, while FICC revenue of $3.47 billion was essentially unchanged from a year ago. Asset & Wealth Management added $5.05 billion, up 14%, and assets under supervision climbed to $4.10 trillion at September 30 from $3.45 trillion a year earlier.
Regular-session close on October 13, 2026, New York time. Prices and changes: Yahoo Finance, cross-checked against Nasdaq's official close. Market cap: Nasdaq, as of October 14, 2026.
Why Did JPMorgan Miss Q3 Estimates?
JPMorgan earned $15.3 billion, or $5.57 a share, versus the $5.93 analysts expected, according to The Associated Press, via Fortune. The AP attributed the miss to its investment banking division, where fixed income trading slowed, and called it the bank's first earnings miss in nearly three years.
CEO Jamie Dimon warned that "large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates" are shifting "under the surface," as reported by the AP. The same report noted that the Federal Reserve raised interest rates last month, a backdrop that featured in the big banks' Q3 earnings kickoff.
Citigroup Q3 Profit Rises 40%, Wells Fargo Beats
Citigroup's third-quarter profit rose 40% from a year earlier and beat expectations, with investment banking and wealth management revenue higher and credit card profits flat, per the AP.
Investing.com reported Citi EPS of $2.85 against a $2.65 consensus and revenue of $23.85 billion against $23.72 billion expected. Wells Fargo earned $5.95 billion, or $1.87 a share, which the AP said beat forecasts.
Bank of America Hit With $1.2 Billion Treasury Fine
A day before its own results, Bank of America (BAC) was ordered to pay a $1.2 billion penalty that the Treasury Department called the third-largest in its history, according to NBC News.
The total includes $750 million from the Office of the Comptroller of the Currency, the largest fine that regulator has ever levied, per NBC.
Treasury said the bank failed to report more than $5 billion in suspicious transactions on time and "admits that it willfully violated" the Bank Secrecy Act, as reported by NBC News.
A separate OFAC settlement covers 475 apparent sanctions violations. Bank of America said "financial crime compliance is serious, and we are responsible for getting it right," and it is scheduled to report third-quarter earnings before 7 a.m. ET on Wednesday.
GS, JPM and C Stock Reaction and Analyst Commentary
Goldman shares rose 1.9% and JPMorgan gained 0.8% in early trading on Tuesday, while Citigroup slipped 0.7% and Wells Fargo fell 1.5%, according to the AP.
In a Q3 review on Seeking Alpha, analyst Kenio Fontes noted that the EPS and 18.7% return on equity reflect some cyclical and one-off factors, including incentive fees, and flagged limited margin for error if ROE falls below 15%.
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
Gotrade is the trading name of Gotrade Securities Inc., which is registered with and supervised by the Labuan Financial Services Authority (LFSA). This content is for educational purposes only and does not constitute financial advice. Always do your own research (DYOR) before investing.
M. Alfathan Rahman is a content writer with over 3 years of experience developing digital content strategies across various industries, including fintech. He has experience producing content for tax-related websites and financial education platforms registered with Kominfo (Indonesia's Ministry of Communication and Informatics). His focus areas include data research, and crafting financial articles that are informative, accurate, and accessible to investors of all experience levels.
Hendrie Saputra holds a Master of Business Administration (MBA) with a concentration in Business Risk & Finance, along with professional experience in finance, marketing, and project management. He is experienced in analyzing market data and developing research-driven business strategies.
