(Reuters) – Wall Street’s top investment banks enjoyed a strong third quarter as strength in stock trading and equity underwriting added to the benefits from a strong U.S. economy and tax reforms.
A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson
However, Goldman’s equity trading and underwriting revenue was better than that of Morgan Stanley in a quarter marked by uncertainties in global financial markets stemming from an ongoing trade war between Beijing and Washington.
JPMorgan Chase & Co (JPM.N), the biggest U.S. bank, said on Friday its third-quarter profit jumped nearly 25 percent, with each of its four business units generating higher revenues.
Also on Friday, Citigroup Inc (C.N), the No. 3 U.S. bank by assets, reported a 12 percent rise in profit, driven mostly by lower taxes and cost savings, while Wells Fargo & Co (WFC.N), reported a strong quarterly profit on the back of healthy demand for auto, small business and personal loans.
Following is a snapshot of their earnings:
(Graphic: U.S. big banks third quarter earnings per share – tmsnrt.rs/2NOEYm8)
(Graphic: U.S. big banks third quarter trading revenue – tmsnrt.rs/2LfIl3N)
(Graphic: U.S. big banks third quarter loans – tmsnrt.rs/2OnGJug)
(Graphic: U.S. banks Q3 Investment banking revenue – tmsnrt.rs/2Oqggww)
Reporting by Diptendu Lahiri and Mary Ann Alapatt in Bengaluru; Editing by James Emmanuel