Major U.S. banks reported strong third-quarter results on Tuesday. JPMorgan posted a $15.3 billion profit, up from $14.4 billion a year earlier, but missed analysts’ expectations of $5.93 per share. Goldman Sachs saw its profit surge to $5.29 billion driven by a sharp rise in stock-trading revenue. Citigroup reported a 40% year-over-year profit increase. Wells Fargo earned $5.95 billion after regulatory restrictions were lifted. All four institutions warned about the long-term impact of higher interest rates and persistent inflation on the U.S. economy and consumers.
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