JPMorgan Chase, Goldman and other big banks report earnings this week. What to expect

The biggest banks in the U.S. are due to report third-quarter results this week, setting the tone for the rest of the reporting period. JPMorgan Chase, Goldman Sachs, Citigroup and Wells Fargo are scheduled to release their numbers on Tuesday, while Morgan Stanley and Bank of America are slated for Wednesday. Overall, 25 S & P 500 companies are scheduled to release their latest quarterly figures this week. The results come during a delicate time for Wall Street. While the S & P 500 climbed to an all-time high last week, the benchmark has been volatile recently due to rising Treasury yields and elevated oil prices — which have raised concern about the Federal Reserve potentially raising rates further to curb inflation. All times ET. Tuesday JPMorgan Chase is set to report earnings before the bell, with a conference call set for 8:30 a.m. Last quarter: JPM reported a 41% year-on-year earnings jump . This quarter: JPMorgan Chase is expected to report double-digit earnings growth from the year-earlier period. What to watch: Analysts at Seaport Research Partners were tepid ahead of the report. “While we raised our [net interest income] forecast for next year on the higher forward curve (and we anticipate a solid NII guide for 2027), we are above consensus on expenses, which could be guided higher as well,” they said. What history shows: Data from Bespoke Investment Group shows JPMorgan exceeds analyst earnings estimates 82% of the time. However, shares fell after four of the last five earnings releases. Goldman Sachs is set to report earnings before the open, followed by a call at 9:30 a.m. Last quarter: GS reported a 55% surge in investment banking fees. This quarter: The banking giant’s top and bottom lines are forecast to have grown 10% and around 6%, respectively, per LSEG. What to watch: TD Cowen initiated Goldman as a buy last week. “GS is leveraging its enormous scale to benefit from the favorable capital markets and asset-price backdrops. Put simply, we believe GS has better cemented its foundation, while the environment has created more open space above,” analysts said. What history shows: Goldman earnings have topped expectations for 12 straight quarters. The stock also rallied 9% after the last report. Citigroup is set to report earnings in the premarket. A call with management is then slated for 11 a.m. Last quarter: C reported its highest quarterly revenue in a decade. This quarter: Analysts expect Citigroup to report sharp year-on-year earnings growth, LSEG data shows. What to watch: “We view C favorably given its improving return profile from broad-based revenue growth, disciplined expenses, and rising capital return, which we believe should drive a re-rating of the cheapest money center bank as ROTCE becomes more comparable with peers,” Jefferies analyst David Chiaverini said last week. He has a buy rating on Citigroup. What history shows: Citigroup has struggled on earnings day of late, with the stock dropping after two of the last three releases. Wells Fargo is set to report earnings ahead of the bell, followed by a conference call with management at 10 a.m. Last quarter: WFC posted second-quarter results that beat the Street. This quarter: Wells is forecast to post earnings growth of more than 10%, according to LSEG. What to watch: Wells Fargo shares are down 13% over the past month — the most out of six major U.S. banks. Can Tuesday’s report help the stock recover? What history shows: The bank’s bottom line has exceeded expectations for 10 straight quarters, per Bespoke. However, shares fell after seven of those releases. Wednesday Morgan Stanley is set to report earnings in the premarket. A call with analysts is slated for 9:30 a.m. Last quarter: MS reported record quarterly revenue thanks to strong equities trading sales. This quarter: The bank’s top line is expected to have grown nearly 10%, per LSEG. What to watch: Citizens analyst Devin Ryan has a market perform rating on the stock heading into this week’s report. He noted last week: “Trading should come down sharply from 2Q without giving back the improvement in the franchise,” he said. However, “we brought down our Investment Banking forecast as fewer transactions moved through to revenue during the quarter.” What history shows: Morgan Stanley shares rose after the last four earnings releases, including a 5.8% jump on better-than-expected Q4 2025 numbers. Bank of America is set to report earnings ahead of the open. Management will hold a call at 8:30 a.m. Last quarter: BAC earnings beat expectations thanks in part to strong net interest income. This quarter: Analysts polled by LSEG expect single-digit year-on-year earnings and revenue growth. What to watch: Barclays has an overweight rating on Bank of America heading into earnings, though analyst Jason Goldberg expects somewhat mixed results. “We expect NII to rise 2% q-o-q, with continued growth in loans and deposits. While wealth mgmt fees should be strong, trading and IB fees could lag peers,” he wrote last week. What history shows: Data from Bespoke shows BofA exceeds earnings estimates 81% of the time. And while the stock averages a 0.6% decline on earnings days, it rose after the last two releases.