Finance
Bank stock rallying as JPMorgan, Citigroup, Wells Fargo kick off earnings season
Bank stocks were rallying Friday after JPMorgan, Citigroup, and
Wells Fargo kicked off earnings season with mixed
results.
JPMorgan said it earned
an adjusted $2.34 per share in the third quarter.
Analysts polled by Bloomberg had expected earnings of $2.26 per
share. Revenue rose to $27.8 billion, up 5% from last year.
Meanwhile, Citigroup reported
a 22% increase in its adjusted earnings to $1.73 per share,
beating analysts’ expectations of $1.68 a share. Revenue dipped
slightly to $18.4 billion, just shy of the $18.5 billion that was
expected.
And last but not least, Wells Fargo
posted a 32% rise
in third-quarter profit. Earnings rose to $1.13 a share, or
$5.45 billion, but that was shy of the $1.17 that was
anticipated. The bank’s revenue edged up 0.4% to $21.94
billion.
As a result, bank stocks are rising across the board — except for
JPMorgan. Here’s the scoreboard :
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