Most of the big banks are rallying after JPMorgan, Citigroup, and Wells Fargo kicked off earnings season

jamie dimonJamie Dimon, CEO of JPMorgan Chase, takes part in a panel discussion about investing in Detroit at the Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., April 11, 2018.Brian Snyder/Reuters

Bank stocks were rallying Friday after JPMorgan, Citigroup, and Wells Fargo kicked off earnings season with mixed results.

JPMorgan said it earned an adjusted $2.34 per share in the third quarter. Analysts polled by Bloomberg had expected earnings of $2.26 per share. Revenue rose to $27.8 billion, up 5% from last year.

Meanwhile, Citigroup reported a 22% increase in its adjusted earnings to $1.73 per share, beating analysts' expectations of $1.68 a share. Revenue dipped slightly to $18.4 billion, just shy of the $18.5 billion that was expected.

And last but not least, Wells Fargo posted a 32% rise in third-quarter profit. Earnings rose to $1.13 a share, or $5.45 billion, but that was shy of the $1.17 that was anticipated. The bank's revenue edged up 0.4% to $21.94 billion.

As a result, bank stocks are rising across the board - except for JPMorgan. Here's the scoreboard :

{{}}
Add Comment()

Comments ()

X
Sort By:
Be the first one to comment.
We have sent you a verification email. This comment will be published once verification is done.