Bank stock rallying as JPMorgan, Citigroup, Wells Fargo kick off earnings season

Jamie
Dimon, CEO of JPMorgan Chase, takes part in a panel discussion
about investing in Detroit at the Kennedy School of Government at
Harvard University in Cambridge, Massachusetts, U.S., April 11,
2018.
Brian
Snyder/Reuters

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 :