The six major U.S. banks reported mixed third-quarter results, but all their stocks declined despite some strong performances. Wells Fargo beat earnings estimates but missed on revenue, while Goldman Sachs delivered solid results with investment banking fees up 21% and equities trading revenue surging 72%. JPMorgan Chase and Bank of America both missed expectations, with the latter also facing a 1.2 billion dollar regulatory penalty. Citigroup posted its best third-quarter performance in a decade with revenue growing 8% year over year, yet its shares still fell 5.6%. Jim Cramer attributes this broadly negative market reaction to investor concerns about persistent inflation, rising interest rates, and newly wobbly capital markets.
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