Bonanza, the third quarter of Q4, helped increase the profit Jpmorgan Chase (JPM) and Goldman Sachs (GS), as one of the largest banks in the country with higher income from investment banking and trade.
Jpmorgan has announced a net income of $ 14.4 billion, ie 12% more than in the third quarter of last year and about $ 1 billion more than analysts expected.
The JPMorgan Investment Banking Division’s revenue increased by 17% to $ 2.6 billion, and customer trading increased by 25% to $ 8.94 billion.
“The US economy has remained resistant for the quarter,” Jamie Dimon, CEO of Jpmorgan Chase, said in a statement, adding that “the activities of merger and acquisition are taken in accordance with the supportive background.”
“However, there is a high risk, including tariffs and trade uncertainty, geopolitical conditions, high fiscal defects and increased property prices,” he added. “As always, we expect the best, but prepare the firm for a variety of scenarios.”
Goldman reported that net income is $ 4.1 billion, ie 37% more than in the third quarter of last year and about half a billion dollars more than analysts expected.
Goldman’s investment banking revenue increased by 42% to $ 2.6 billion, and customer trade and funding increased by 11.5% to $ 7.2 billion.
“The results of this quarter reflect the strength of our clients’ franchise and focus on the implementation of our strategic priorities in the improved market environment,” Goldman CEO David Solomon said in a bank income report.
Another big bank used by the recent “I will” and IPO was a sense of Wells Fargo (WFC). The third quarter profit was $ 5.6 billion, ie 9% more than in the third quarter of last year, as well as about half a billion dollars more than what analysts expected.
Its fees from Investment Banking increased by 25% from the third quarter of last year to $ 840 million. USD. In July, Wells Fargo played the lead role in one of the largest to date this year: Union Pacific $ 72 billion worth Rail Conkuon Norfolk Southern Corp. acquisition.
“In the third quarter, we have created momentum throughout the business.” – Wells Fargo CEO Charles Scharf said a bank income report.
“Although some economic uncertainty remains, the US economy has been resistant and our financial health remains strong,” Scharf added.
Jpmorgan and Goldman stocks were approximately the same on the market, and Wells Fargo increased by more than 2%.