Big banks face $19 billion stock-trading test in Tuesday earnings
JJPMorgan, GGoldman Sachs, WWells Fargo and Citigroup are due to report Tuesday, with quarterly stock-trading revenue expected to approach $19 billion. The mixed earnings setup puts trading performance alongside each bank’s broader results as the next test.
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The story
JPMorgan, Goldman Sachs, Wells Fargo and Citigroup are scheduled to report earnings Tuesday, according to Bloomberg Television. The banks are collectively expected to produce nearly $19 billion in quarterly stock-trading revenue, while Bloomberg Television’s Sridhar Natarajan described the broader earnings outcome as a mixed bag.
The estimate sets a high bar for the trading businesses ahead of the reports. The coverage focuses on stock trading rather than total revenue or profit, so the $19 billion figure will be one part of each bank’s quarterly result.
The named companies have different reported annual revenue bases: JPMorgan recorded $182.4 billion for fiscal 2025, Goldman Sachs $58.3 billion and Wells Fargo $83.7 billion. Citigroup is also among Tuesday’s reporting banks, but no comparable annual figure is included here.
The main uncertainty is how the expected trading haul translates into overall earnings, since the report characterizes the group outcome as mixed rather than uniformly strong. Tuesday’s releases will supply the company-level results needed to compare actual trading revenue with the nearly $19 billion expectation.
Our take
1 / 7
Our read · Oct 12
JPM, GS, WFC and C face nearly $19 billion in expected quarterly stock-trading revenue Tuesday.
Why
The trading haul creates a clear company-by-company earnings benchmark, but the broader setup remains mixed rather than a uniform read across the group. JPMorgan’s fiscal 2025 revenue was $182.4 billion, compared with $58.3 billion for Goldman Sachs and $83.7 billion for Wells Fargo, underscoring the different scale against which Tuesday’s results will be judged.
What could change this view
The read fails if actual trading revenue and broader earnings diverge sharply across the four banks, making the nearly $19 billion group estimate a poor guide to individual results.
▲ The case it holds
A nearly $19 billion quarterly stock-trading haul would give the banks a substantial reported trading benchmark, with JPMorgan and Goldman Sachs carrying the largest disclosed annual revenue bases among the named companies.
▼ The case it breaks
The strongest opposing case is the reported mixed-bag setup: strong stock trading may not translate into uniformly strong quarterly results across JPMorgan, Goldman Sachs, Wells Fargo and Citigroup.
Prices: 1D EOD · OCT 9 CLOSE, licensed end-of-day data.
Source: Bloomberg Television · Published here MON, OCT 12 · 11:21 AM ET · the only report in this record · How this is decided →
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