Earnings reports from major American banks take the markets by surprise

October 14, 2020

Wells Fargo and Goldman Sachs reported Q3 earnings

Some of the largest banks in America published their Q3 earnings reports. The results that came in both amazed and disappointed Wall Street.

Wells Fargo’s profit figures came in lower than they were the same time last year, the net income falling from $4.04 billion to $1.72 billion, or $0.42 per share. At the same time, the revenue came in at $18.86 billion, 14% lower than the same quarter last year. It came even below the $0.44 per share consensus.

The results came because of the pandemic and the uncertainty of a new US stimulus package. Since the beginning of the year, the bank’s stock price fell 29.2%.

While Wells Fargo stock price went down 1.8%, Goldman Sachs jumped 3% after the report, Goldman’s revenue increased by 29.5% to $10.78 billion, topping the $9.38 billion consensus.

The bank’s net income almost doubled to $3.48 billion, or $9.68 a share. It came above the $5.54/share forecasted.

Read here how JP Morgan has performed during Q3!

Sources: marketwatch.com

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