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Wall Street was celebrating Friday morning as JPMorgan, Citi, and Wells Fargo all reported third-quarter earnings that beat expectations.
JPMorgan beat analyst expectations across investment banking and trading – and had a historically strong quarter in fixed income, or FICC, trading. The bank reported earnings per share of $1.58 on adjusted revenue of $24.67 billion. Analysts were expecting adjusted earnings per share of $1.39 on revenue of $24.25 billion, according to Bloomberg.
Citi delivered adjusted earnings per share of $1.24 on revenue of $17.8 billion. Analysts expected adjusted earnings per share of $1.16 on revenue of $17.29 billion, according to Bloomberg. Total trading revenue came in at $4.5 billion, ahead of analyst expectations of $3.74 billion. And Wells Fargo beats on its first earnings since its fake-accounts scandal emerged. The bank reported revenue of $22.3 billion and earnings per share of $1.03. Analysts expected the bank to report earnings per share of $1.01 on revenue of $22.22 billion.
Bank of America Merrill Lynch, Goldman Sachs, and Morgan Stanley report third-quarter earnings next week.