Goldman, Citi and Wells Fargo Show Mixed Third-Quarter Results
Goldman Sachs beat expectations with earnings of $17.01 per share and revenue up 23% to $18.68 billion, driven by a 72% jump in equity trading and higher investment banking fees. Citigroup also exceeded forecasts on strength in services, wealth management and fixed-income trading. Wells Fargo reported higher profit but disappointed on revenue and net interest income, with increased credit provisions weighing on its shares.
On October 13, 2026, three U.S. banking giants posted higher quarterly profits with sharply different investor responses. Goldman’s $17.01 per-share profit and $18.68 billion revenue, up 23%, came as net income climbed 29%; its markets unit grew 32%, equity trading jumped 72%, and advisory fees set a quarterly record. Wealth management revenue rose 14%, with supervised assets at $4.1 trillion, though costs increased 20% and deal backlog slipped.
Citi surpassed forecasts through services, wealth management and fixed-income trading, yet its stock fell. Wells Fargo earned more and improved efficiency, but weaker revenue and net interest income plus larger credit provisions pressured shares. CEO David Solomon cited geopolitical risk, costlier energy and higher bond yields.
These results could shape how households, businesses and investors view credit and market conditions. Strong trading and dealmaking may support bank profits and shareholder returns, while Wells Fargo’s weaker revenue and higher provisions could signal tighter lending or costlier credit for borrowers. Savers and depositors may also feel effects through interest rates and fees, and employees could see compensation or hiring tied to each bank’s performance. Broader confidence in financial stability may depend on whether these diverging trends persist.