Goldman earnings surge as JPMorgan falls short of forecasts

Goldman Sachs and JPMorgan Chase reported sharply different results as major Wall Street banks opened third-quarter earnings season Tuesday. Goldman’s profit beat analyst forecasts, while JPMorgan’s earnings per share fell short.

Goldman reported net earnings of $5.29 billion, or $17.01 per share, compared with analysts’ forecast of $13.50 per share. Total net revenue increased 23% to $18.68 billion, above the $16.4 billion analysts expected. The bank’s stock rose in premarket trading.

JPMorgan’s profit rose 6% from a year earlier to $15.3 billion, or $5.57 per share. Analysts had forecast $5.90 per share. Revenue increased 8% to $50.2 billion; excluding $658 million in paper securities losses, the bank earned $5.75 per share.

CEO Jamie Dimon said economic forces including inflation, interest rates and geopolitical conditions “continue to shift under the surface.” He said the bank remained prepared for a range of outcomes.

Wells Fargo also topped analyst estimates. Net income rose 6.5% to $5.95 billion, or $1.87 per share, against an adjusted earnings estimate of $1.84. Revenue climbed 2% to $21.9 billion.

Bank of America, Morgan Stanley and BlackRock are scheduled to report Wednesday.