> ## Content Index
> Fetch the complete content index at: https://www.sharespective.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# America's big banks report this week, and their shares are down 13% since August
- URL: https://www.sharespective.com/stories/americas-big-banks-report-week-their-2026-10-12/
- Published: 2026-10-11T21:15:01.000Z
- Updated: 2026-10-19T19:29:24.000Z
- Description: America's biggest banks open the results season on Tuesday in New York. JPMorgan Chase, Goldman Sachs, Wells Fargo and Citigroup report before the open. Bank of America and Morgan Stanley follow on Wednesday.
- Author: Shaun Botha
- Tags: Banking, #story, #group-other, Bank of America

America's biggest banks open the results season on Tuesday in New York. JPMorgan Chase, Goldman Sachs, Wells Fargo and Citigroup report before the open. Bank of America and Morgan Stanley follow on Wednesday.

**So why have bank shares fallen so far?** The KBW Nasdaq Bank Index is 13% below its mid-August peak. Truist Securities analyst Brian Foran said financials just had their worst month against the S&P 500 since 1990.

Yields are the problem. Higher rates let a bank charge more on loans, but they also push up what it pays depositors. A 10-year yield above 5% has also slowed the deal-making that feeds investment banks.

![Chart: JPMorgan's deposit bill dwarfs its deal fees. Interest JPMorgan paid on deposits (columns) and its investment banking fees (line), 2014 to 2025, in US$bn on one scale. In 2025: US$45.1bn against US$9.6bn.](https://storage.ghost.io/c/02/71/0271df32-cec6-421f-9f13-b06ab90e54c1/content/images/2026/10/americas-big-banks-report-week-their-2026-10-12-chart.jpg)

This story’s chart of the day.

The profits still look healthy. JPMorgan is expected to earn about US$5.90 a share on roughly US$51 billion of revenue. It has told investors its investment banking fees and trading revenue rose by a mid-to-high teens percentage.

Bank of America is less upbeat. Chief executive Brian Moynihan has warned that its investment banking fees fell at least 10% in the quarter.

Our take 

the deposit line matters more than the profit line. UBS analyst Erika Najarian says investors need to see deposit costs contained. I'd want to hear that from JPMorgan on Tuesday before concluding the yield spike has done the business no lasting harm.

[ This story ran in Harvest Season Monday 12 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-2026-10-12/)