Four of the largest U.S. banks—JPMorgan Chase, Goldman Sachs, Wells Fargo, and Citigroup—released their third-quarter 2026 earnings with mixed results. Goldman Sachs led the pack by significantly exceeding expectations, posting earnings per share of $17.01 versus the anticipated $13.02 and revenue of $18.68 billion, beating forecasts by nearly 12%. Citigroup and Wells Fargo also beat earnings estimates, with Citigroup reporting $2.85 EPS against $2.66 expected and Wells Fargo narrowly above projections at $1.87 EPS. JPMorgan Chase, however, missed consensus estimates, with earnings per share of $5.57 below the anticipated $5.90 and revenue slightly short at $50.91 billion.

Investment banking fees showed a year-over-year increase across all four banks, although quarterly comparisons revealed declines—JPMorgan’s fees grew 14% annually but dropped 8% from the previous quarter, while Goldman Sachs saw a 21% annual rise with a 5% quarterly decrease. Citigroup experienced a 9% increase from last year but a 13% drop sequentially. Despite softer IPO activity in September and high fuel and borrowing costs, demand for AI infrastructure financing presented both opportunities and risks. Goldman Sachs CEO David Solomon highlighted strong deal backlogs and growing financing needs tied to the AI sector, though he cautioned about potential rate pressures and the viability of some projects.

Bank executives also addressed the impact of artificial intelligence on the industry. JPMorgan CEO Jamie Dimon emphasized the risks of outside AI agents within the bank, restricting their use to protect clients, while Wells Fargo CEO Charlie Scharf detailed the bank’s internal AI applications to enhance marketing, coding, and risk management. Citigroup CEO Jane Fraser underscored the importance of cyberdefense as the company integrates AI, preparing proactively against systemic risks. The banks acknowledged AI as a transformative force that could drive growth but also pose operational and financial challenges.

Looking ahead, the banks expressed cautious optimism about economic conditions and growth prospects. JPMorgan’s CFO Jeremy Barnum described a robust deal pipeline, though some transactions are delayed amid market turbulence. Wells Fargo’s Mike Santomassimo reported resilience in consumer spending and ongoing momentum despite inflationary pressures. Citigroup raised its full-year net interest income guidance, reflecting steady demand in services and wealth sectors. Overall, while external uncertainties remain, these institutions continue to navigate evolving market dynamics with a focus on managing risks and leveraging technological advances.