BUZZ — US Banks: JPM and GS rise, Wells Fargo and Citi falls after Q3 results
(Updates prices and adds Citi) Citigroup * Shares down 1.1% premarket after co reports 40% jump in Q3 profit, driven by stronger investment banking, services and wealth management revenue * Co's quarterly profit rose to $5.25 bln, or $2.85/share, vs $3.8 bln, or $1.86/share, a yr ago; investment banking revenue up 9% to $1.35 bln * As of last close, Citi down ~13% JPMorgan Chase & Co * Shares up 0.4% premarket after co reports higher Q3 profit, but also a moderation in dealmaking momentum from the prior quarter * Bank reported Q3 profit of $5.57/shr, below the avg analyst estimate of $5.85/shr per LSEG, as fixed-income trading rev fell 4% and IB fee growth moderated * As of last close, JPM's stock has advanced ~3.7% YTD Goldman Sachs * Shares up 3.8% in premarket trading * Bank posts higher Q3 profit, driven by a 72% jump in equities trading revenue * Equities revenue jumped 72% to $6.44 bln as volatile markets spurred trading, while investment banking fees rose 21% to $3.22 bln, defying a broader M&A slowdown * As of last close, GS shares up ~1.7% YTD Wells Fargo * Shares down 1% premarket after co reports a rise in Q3 profit * The fourth-largest US lender reports net income of $5
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