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# America's big banks beat their forecasts, and Citigroup still fell 5.6%
- URL: https://www.sharespective.com/stories/americas-big-banks-beat-their-forecasts-2026-10-14/
- Published: 2026-10-13T21:15:02.000Z
- Updated: 2026-10-19T19:29:32.000Z
- Description: Citigroup fell 5.6% to US$124.53 on Tuesday. It earned US$2.85 a share in the September quarter, well ahead of the US$2.66 analysts expected.
- Author: Shaun Botha
- Tags: Banking, #story, #group-other, Citigroup

Citigroup fell 5.6% to US$124.53 on Tuesday. It earned US$2.85 a share in the September quarter, well ahead of the US$2.66 analysts expected.

**The trouble was the month of September.** JPMorgan Chase finance chief Jeremy Barnum said the bank saw deal-making slow during the month. Wells Fargo's finance chief, Mike Santomassimo, said trading activity slowed meaningfully. Wells shares lost 3.1% after its net interest income came in short of estimates.

Citi's outlook did the most damage. It told analysts to expect markets revenue about 20% lower in the December quarter, possibly a bit more. Its return on tangible equity, a measure of profit on shareholders' money, fell to 11.5% from 13% in the June quarter.

[![Chart: JPMorgan missed, and still out-earned last September. Diluted earnings a share in each September quarter since 2008, in US$. This quarter's US$5.57 fell short of the US$5.85 analysts expected.](https://storage.ghost.io/c/02/71/0271df32-cec6-421f-9f13-b06ab90e54c1/content/images/2026/10/chart-america-diluted-earnings-quarter-2026-10-14-wide-light.jpg)](https://www.sharespective.com/chart-america-diluted-earnings-quarter-2026-10-14/) 

This story’s chart of the day: the numbers, the dark version and the animated version are on its own page. [The chart’s page →](https://www.sharespective.com/chart-america-diluted-earnings-quarter-2026-10-14/)

JPMorgan missed outright. It earned US$5.57 a share against expectations of US$5.85, its first profit miss since late 2023\. Investment banking fees were 14% higher than a year earlier but 8% lower than in the June quarter, and the shares fell 0.86%.

Goldman Sachs had the strongest quarter of the lot. Revenue rose 23% to US$18.68 billion and stock trading revenue jumped 72%. Its shares still slipped 0.2%.

What to watch 

whether September was a pause. Barnum called the missing deals delayed rather than cancelled. With the 10-year Treasury yield still above 5%, I'd want to see the listings calendar fill up again before taking that on trust.

[ This story ran in The September Slowdown Wednesday 14 October’s edition, with the market snapshot, the other two stories, the numbers and the week ahead. Read the whole edition → ](https://www.sharespective.com/sharespective-2026-10-14/)