Big U.S. Banks Report Earnings: JPMorgan Stumbles, Goldman Shines

Four of America's biggest banks just told the world how much money they made — and the results were a mixed bag.

On Tuesday, JPMorgan Chase, Wells Fargo, Goldman Sachs, and Citigroup released their third-quarter earnings (a report every three months showing how much money a company made or lost). Two more big banks, Bank of America and Morgan Stanley, will report on Wednesday.

Here's how things played out:

• JPMorgan — the largest U.S. bank by assets (total value of what it owns) and the biggest in the world by market value — surprisingly missed expectations, meaning it made less than analysts (experts who predict company performance) had guessed.
• Goldman Sachs did the opposite and blew past expectations, earning more than predicted. This was driven by strong equities trading (buying and selling of company shares, also called stocks).

Artificial intelligence (AI) was a major talking point. On earnings calls (meetings where company leaders explain results to investors), executives from JPMorgan, Goldman Sachs, and Wells Fargo discussed both the upsides and risks of AI. On the positive side:

• Strong demand for financing (lending money) to companies building AI technology.
• AI helping banks run more efficiently.

But leaders also warned about dangers like "rogue agents" — AI programs that could act in unexpected or harmful ways.

Goldman Sachs CEO David Solomon also addressed recent news about a plan to transition to a new CEO in the future.

The quarter was shaped by several big themes: excitement (and worry) about AI, uncertainty around IPOs (when private companies first sell shares to the public), high fuel prices, and rising borrowing costs (higher interest rates making loans more expensive).

The bottom line: Big banks are navigating a tricky environment where new technology brings both opportunity and risk. While some banks thrived, others struggled — a reminder that even giants don't always come out ahead.

This is an AI-generated summary. Read the original article at: https://www.cnbc.com/2026/10/13/bank-earnings-live-updates.html