U.S. to Release Q3 Earnings Reports This Week, EPS Expected to Increase Year-on-Year

Golden Finance reports that on October 13, according to Jin10 Data, major U.S. banks will kick off the third-quarter earnings season this week: JPMorgan Chase, Goldman Sachs, Citigroup, and Wells Fargo are set to release their reports before the U.S. stock market opens on Tuesday, followed by Bank of America and Morgan Stanley on Wednesday. Reuters, citing analyst forecasts, indicates that the six major banks are expected to see year-on-year growth in third-quarter earnings per share (EPS), with some banks potentially achieving profit increases of around 20%. According to LSEG projections as of October 7, JPMorgan Chase's Q3 EPS is expected to reach $5.94 (compared to $5.07 in the same period last year), while Goldman Sachs is forecasted at $12.44 (compared to $12.25 last year). Bank stocks have already reflected concerns in advance: the KBW Bank Index has closed down approximately 13% from its August peak and has fallen 6% cumulatively in Q3. JPMorgan Chase Co-President Doug Petno anticipates mid-to-high double-digit percentage growth in investment banking fees and trading revenue for Q3, while Bank of America CEO Brian Moynihan expects investment banking fees to decline by at least 10%, with sales and trading revenue remaining roughly flat.