This week Investors will shift their attention to major US bank's earnings. JPMorgan (NYSE: JPM) and Citigroup (NYSE: C) are both due to release results on Tuesday, followed by Goldman Sachs (NYSE: GS), Wells Fargo (NYSE: WFC), Bank of America (NYSE: BAC), and Morgan Stanley (NYSE: MS) later in the week.
Third Quarter banks earnings season kicks off with stronger -than – expected results from JP Morgan.
Earnings per share: $2.92 vs. $2.23 expected
Revenue: $29.94 billion vs. $28.21 billion expected
The banking giant Citigroup will release its Q3 results on Wednesday before the bell. Citigroup earnings were expected to slide 49% to $1.01 a share, as revenue fell 7% to $17.21 billion.
Bank of America, Wells Fargo, and Goldman Sachs will report its third-quarter 2020 earnings results on Wednesday. During the last quarter, the Bank of America announced better-than-expected financial results. While the revenue of the US bank dropped 5.3% from a year earlier. Meanwhile, Wells Fargo reported a Q2 Net Loss of $2.4 billion during the last quarter.
Morgan Stanley plans to announce its Third Quarter 2020 financial results on Thursday. The bank reported strong second-quarter earnings, reporting a nearly $3.2 billion profit. During this Q3, $MS expected to post quarterly earnings of $1.22 per share and revenues to be $10.30 billion.