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Big U.S. banks end third quarter on high note

Stock Markets Oct 16, 2018 02:54PM ET
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© Reuters. A sign is displayed on the Morgan Stanley building in New York
 
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By Diptendu Lahiri

(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.

On Tuesday, Morgan Stanley (N:MS) showed gains from investment banking and trading businesses that outstripped those of traditional rival Goldman Sachs Group Inc (N:GS).

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 (N:JPM), 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 (N:C), 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 (N:WFC), 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 - https://tmsnrt.rs/2NOEYm8)

(Graphic: U.S. big banks third quarter trading revenue - https://tmsnrt.rs/2LfIl3N)

(Graphic: U.S. big banks third quarter loans - https://tmsnrt.rs/2OnGJug)

(Graphic: U.S. banks Q3 Investment banking revenue - https://tmsnrt.rs/2Oqggww)

Big U.S. banks end third quarter on high note
 

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