Goldman Sachs and Citigroup Top Q3 Estimates as JPMorgan Misses Forecasts

The third-quarter earnings season for the banking sector opened with a sharp divide between firms fueled by capital markets and those anchored by traditional consumer lending. As Citigroup executives conduct their earnings call this morning, a pattern has emerged: Wall Street’s dealmaking and trading engines are currently outpacing the more cautious “Main Street” lending business.

Goldman Sachs led the morning’s winners, reporting a significant earnings beat driven by a 72% year-over-year surge in equities revenue. The firm posted earnings per share (EPS) of $17.01, far exceeding the consensus analyst estimate of approximately $13.02 to $13.09. Total revenue for the investment banking giant reached $18.68 billion, comfortably ahead of the $16.83 billion to $16.9 billion range anticipated by the market.

Citigroup also reported results that surpassed expectations, with earnings of $2.85 per share on revenue of $23.8 billion. Beyond the immediate financial metrics, the bank signaled a pivot in its regulatory standing. Citigroup management indicated they are preparing to seek the removal of regulatory consent orders that have been in place since 2020, a move that would mark a significant milestone in the firm’s ongoing multi-year restructuring.

A 72% surge in equities revenue fueled ' significant earnings beat.

In contrast, JPMorgan Chase—often considered the bellwether of the U.S. economy—delivered a rarer set of misses on both the top and bottom lines. The bank reported adjusted EPS of $5.57 for the third quarter of 2026, falling short of the $5.90 to $5.94 analyst forecast. Revenue for the period was $50.9 billion, compared to the $51.2 billion expected by the consensus.

Despite the quarterly miss, JPMorgan Chase management raised its full-year 2026 net interest income (NII) guidance, excluding markets, to approximately $97.2 billion, up from a previous projection of roughly $96.5 billion. This adjustment suggests that while the current quarter faced headwinds, the bank remains confident in the earning power of its loan book over the longer term.

Traditional consumer-focused banks like faced a more challenging quarter than their Wall Street counterparts.

Wells Fargo rounded out the morning with a split performance. The bank posted net income of $5.95 billion, or $1.87 per share, which beat the analyst estimate of $1.85. However, revenue of $21.87 billion fell short of the $22.15 billion Zacks consensus estimate.

The collective reports indicate a shifting revenue landscape for the nation’s largest financial institutions. While the reliance on net interest income remains a core focus for retail-heavy banks like JPMorgan and Wells Fargo, the volatility and activity in the global markets provided a substantial tailwind for the more investment-focused desks at Goldman Sachs and Citigroup during the third quarter.

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