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JPMorgan Chase, Citigroup, Wells Fargo and Goldman Sachs all reported higher year-over-year profits for the third quarter of 2026, but the results were mixed across businesses and did not erase executives’ concerns about inflation, interest rates and economic uncertainty. Bank of America had not yet reported as of October 13; its results were scheduled for October 14.
What did the big banks earn this quarter?
Associated Press’s October 13, 2026 report showed profit growth at the four large banks that had reported. The figures below compare each bank with the prior-year quarter where the AP report supplied a comparison.
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| Bank | Q3 2026 result | What stood out |
|---|---|---|
| JPMorgan Chase | Net income of $15.3 billion, or $5.57 per share, versus $14.4 billion, or $5.07 per share, a year earlier | Its earnings per share missed the $5.93 analyst expectation cited by AP. |
| Goldman Sachs | Profit of $5.29 billion, or $17.01 per share, versus $4.1 billion, or $12.25 per share, a year earlier | AP attributed the increase in part to stronger stock-trading revenue; bond-trading activity was slower. |
| Citigroup | Profit increased 40% year over year and exceeded Wall Street expectations | AP cited higher investment-banking and wealth-management revenue; credit-card division profits were flat. |
| Wells Fargo | Profit of $5.95 billion, or $1.87 per share | It beat forecasts cited by AP. AP connected recent profit growth to the removal of the bank’s regulatory asset cap, a reported explanation rather than a separately established causal analysis. |
These are headline results, not a complete comparison of each bank’s performance. The available figures do not establish a consistent peer ranking across revenue, lending, credit losses and outlook. Bank of America’s Q3 results were scheduled for October 14, so they are not part of this October 13 snapshot.
Are higher interest rates good or bad for banks?
Neither outcome is automatic. Rates can affect banks differently across lending, deposits, securities, trading and consumer credit. A single quarter’s overall profit does not show how each of those channels contributed, and the reported figures do not quantify them consistently across these banks.
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The Federal Reserve raised its target range for the federal funds rate by 0.25 percentage point on September 16, 2026, to 3.75%–4.00%. Its statement said domestic spending was resilient and capital investment robust, while also noting that “Inflation remains elevated.” That is the policy backdrop for the quarter, but it does not prove that higher rates caused the banks’ profit growth or their warnings. Federal Reserve statement, September 16, 2026.
Profits rose even as some trading activity slowed
The mixed trading results illustrate why a strong total can coexist with weakness in an individual business. AP reported stronger stock-trading revenue at Goldman Sachs, but slower bond-trading activity at both Goldman and JPMorgan. Citi’s reported growth came with higher investment-banking and wealth-management revenue, while its credit-card division profits were flat.
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Could inflation hurt consumers and bank profits?
Persistent inflation can squeeze household budgets and complicate decisions about borrowing and spending. For banks, the effect is not one-directional: consumer credit performance and business activity matter alongside rates and revenue mix. The reporting available for this quarter does not provide comparable bank-by-bank data on credit losses or enough detail to quantify how inflation affected customers or profits.
JPMorgan CEO Jamie Dimon described the current economy as supported by “strong business investment and ongoing consumer spending,” while warning that “large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift under the surface.” AP reported both statements. They convey the tension in the results: activity and profits were strong in the quarter, while executives still saw risks that could affect future conditions.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What these results do—and do not—say
- Four major U.S. banks reported higher year-over-year profits, but not every business line grew.
- JPMorgan’s net income and earnings per share were higher than a year earlier, yet its $5.57 per-share result missed the $5.93 analyst expectation AP cited.
- Trading was uneven: Goldman’s stock-trading revenue helped, while bond-trading activity slowed at Goldman and JPMorgan.
- The Fed’s September 16 target range was 3.75%–4.00%, and its statement said inflation remained elevated.
- Bank of America’s results were due October 14, 2026, and were not available in the October 13 reporting snapshot.
For a fuller bank-to-bank judgment, investors and customers would need comparable measures of net income and earnings per share, results versus expectations, revenue by business, loan and credit-card performance, and management outlook. The reported snapshot does not supply enough consistent detail to conclude which bank performed best across those dimensions.
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Sources: Associated Press report on Q3 bank earnings, October 13, 2026; Federal Reserve rate decision, September 16, 2026; Bank of America investor relations; JPMorgan Chase SEC filings; Citigroup investor relations; Wells Fargo Q3 2026 earnings materials; JPMorgan Chase quarterly earnings.
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