> ## Content Index > Fetch the complete content index at: https://alpha-token-radar.ghost.io/llms.txt > Use this file to discover other available public pages before exploring further. # Three Banks Beat Estimates. All Four Fell Anyway - URL: https://alpha-token-radar.ghost.io/three-banks-beat-estimates-all-four-fell-anyway/ - Published: 2026-10-14T10:19:19.000Z - Updated: 2026-10-14T10:19:19.000Z - Description: Warsh's Jackson Hole speech on Friday was hawkish enough to reprice September's rate hike from a 38% probability to 60.4% overnight - Author: Alpha Market Alerts - Tags: Newsletter, #Migrated-1788259491317, #Import 2026-09-01 10:46 | Alpha Market Alerts Wednesday deep-dive, 14 October 2026 | | -------------------------------------------------------- | | | | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Three Banks Beat Estimates. All Four Fell Anyway. | | | | Goldman’s trading desk grew 72% and Citi posted its best third quarter in a decade. Every one of the four closed lower — which says more about the bar than about your banks. | | | | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | KEY POINTS | | Goldman earned $17.01 a share against $13.65 expected, with equities revenue up 72%. Wells Fargo’s revenue missed by about 2%, and its lending income grew just 5%. JPMorgan booked a $658 million securities loss, cutting 18 cents from earnings. Three of four beat. All four closed lower, including the ones you own. | | | | --------------------------------------------------------------------------------------------------------------------------- | | Goldman Sachs earned $17.01 a share yesterday against $13.65 expected. Its equities desk grew revenue 72%. | | And the stock closed lower. So did JPMorgan, Citigroup and Wells Fargo — three of the four beat, and all four finished red. | | Which tells you the bar matters more than the number right now. | | CPI lands at 8:30 this morning. Same test, bigger room, and your whole portfolio sits in it. | | | | -------------------------------------------------- | | | | | | What The Four Banks Reported | | | | What your banks reported Tuesday, before the open: | | • | **Goldman Sachs (NYSE: GS)** — [$17.01 a share against $13.65 expected; equities revenue up 72%](https://247wallst.com/investing/2026/10/13/goldman-sachs-rises-on-equities-led-earnings-beat-jpmorgan-chase-treads-water-wells-fargo-declines-3/?ref=alpha-token-radar.ghost.io) | | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | • | **Citigroup (NYSE: C)** — $2.85 against $2.65; best third-quarter revenue in a decade | | • | **Wells Fargo (NYSE: WFC)** — $1.87 against $1.84, but revenue of $21.87 billion against $22.31 billion expected | | • | **JPMorgan Chase (NYSE: JPM)** — $5.57 a share, including a $658 million securities loss, on revenue that missed | | • | **All four** closed lower | | | | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | One strategist called the results “a little bit disappointing” for a market that had expected much better. | | That’s the whole session. Beats weren’t enough for the price you’re paying. | | And if your retirement account holds a financial-sector fund, you watched four beats produce four red closes, which is a different market than the one that set a record eight days ago. | | | | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | | | | | Where The Money Came From | | | | [Goldman’s equities desk produced $6.44 billion in revenue last quarter, up 72% from a year earlier](https://www.forbes.com/sites/mayrarodriguezvalladares/2026/10/13/big-bank-third-quarter-earnings-lenders-steady-wall-street-desks-surge/?ref=alpha-token-radar.ghost.io). Total banking and markets revenue reached $13.46 billion, up 32%. | | Profit rose 29%. Second-best revenue quarter in the firm’s history. | | But Citigroup’s markets business delivered $6.1 billion, up 6% over the year and down 13% from the second quarter — the number nobody led with. | | So the engine here is trading, and trading is the most cyclical thing a bank does. A desk that grows 72% in one year can give it back in two quarters, and that’s not a criticism of Goldman so much as a description of what you own when you own it. | | A record quarter and a lower close, both true, and both yours if you hold the fund. | | And none of that revenue came from your account. | | | | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | | | | | What The Lenders Showed | | | | JPMorgan’s net interest income — what it earns between lending and the deposits you keep there — reached $27.1 billion, up 13%. Citigroup’s rose 13.7%. | | But Wells Fargo’s grew 5%, slightly below expectations, which is the growth rate on the business your checking account sits inside. Its revenue came in about 2% short. | | And JPMorgan booked a $658 million loss on investment securities, cutting 18 cents from earnings per share. September’s bond-portfolio problem, in a filing you can read. | | Jamie Dimon warned that economic forces are shifting beneath the surface. Goldman Sachs then lowered its price targets on JPMorgan, Wells Fargo and Citigroup while keeping buy ratings on all three, which is Wall Street saying the quarter was fine and the price was wrong. | | Lower targets. Same ratings. | | For Band 3 holders, the lending half is the half that pays your dividend, and it grew at a fraction of the trading half. | | | | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | | | | | What The Session Tells You | | | | Two readings. Opposite directions. | | The optimistic one: three beats, Goldman’s second-best revenue quarter ever, Citi’s best third quarter in a decade, and lending income up double digits at two of the four. Fundamentals are fine. | | The other one is the price action. Four companies beat or matched and four closed lower, which means the bar Monday’s issue described — 29.6% growth for the index — is already priced into what you own. | | CPI at 8:30\. Then the real test. | | | | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | | | | | What to Watch | | | | CPI lands at 8:30 this morning, with economists expecting 3.6% headline against 3.4% — gasoline doing most of the lifting, as you noticed at the pump. The Fed decides October 27 and 28, where futures put the odds of a hike near 17%. | | The risk cutting against everything above: Bank of America and Morgan Stanley are scheduled to report this morning, into the CPI print. If the pattern holds — beat, then fall — your financial holdings tell you something about the whole season, not just about banks. | | | | ------------------- | | | | | | Alpha Market Alerts |