Mixed start in the results of major US banks, reflecting the impact that the rise in yields in the last part of the quarter has had on investment banking and trading.
Thus, JP Morgan (-0.8%) fell slightly below expectations for the first time in three years, impacted by lower activity in investment banking and fixed income, although equity activity grew strongly.
On the other hand, Goldman Sachs (-0.23%) beat expectations, despite experiencing the same dynamics as JP Morgan, more activity in equity and weakness in fixed income, currencies, and commodities, with investment banking activity exceeding expectations.
Citigroup exceeded expectations thanks to the strength of its investment banking and management business, although the stock recorded a decline of -5.60% due to the caution shown regarding year-end prospects and the pace of buybacks.
Finally, Wells Fargo (-3.10%) exceeded expectations on the bottom line, but disappointed in interest margin and revenue, a performance attributed to the challenging environment at the end of the quarter with pressure from interest rates.