Wall Street’s leading banks are starting the third-quarter earnings season on a high note, with profits projected to rise by 6% compared to last year, according to Bloomberg data. Analysts point to a strong operating environment fueled by active markets and geopolitical movements.
The season begins Tuesday morning with JPMorgan Chase, Citigroup, Goldman Sachs, and Wells Fargo releasing their results, followed by Bank of America and Morgan Stanley on Wednesday. Revenue is expected to climb across lending, trading, and dealmaking divisions, with most banks set for their seventh consecutive quarter of growth in investment banking and trading.
Stocks of major banks have surged throughout the year Citigroup, Goldman Sachs, JPMorgan, and Morgan Stanley have gained between 23% and 40%, outperforming the S&P 500 by at least nine percentage points. Wells Fargo and Bank of America, while trailing slightly, have still kept pace with the broader market.
This recovery comes after earlier uncertainty caused by tariffs that had dampened corporate borrowing and deal activity. Now, global mergers and acquisitions have topped $1 trillion, with IPOs and corporate debt issuances rebounding strongly.
Executives at recent investor conferences expressed optimism about dealmaking prospects and the stability of the U.S. economy. Citigroup CFO Mark Mason noted growing client engagement despite ongoing tariff effects, while Capital One CEO Richard Fairbank highlighted the resilience of U.S. consumers as a key economic anchor.
Even rising expenses, such as higher compensation costs, are viewed positively, signaling intensified trading and investment banking activity. Overall, the sector’s performance underscores renewed confidence and growth across Wall Street’s financial giants.
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