The third-quarter results from major US banks showed a mixed picture. JPMorgan, the nation’s largest bank by assets with a market cap of approximately $881 billion, missed on both revenue and earnings for the first time in nearly three years, weighed down by rising expenses and weaker fixed-income trading. Conversely, Goldman Sachs crushed estimates across the board, driven by a surging equities business with revenue up 72%. Wells Fargo also disappointed on revenue at $21.87 billion versus the $22.31 billion consensus. Despite a string of IPO delays, including those of Oura, Bamboo Insurance, and Holtec Nuclear, bank executives remain optimistic: JPMorgan expects deals to be “delayed rather than cancelled,” and 2026 is still on pace to beat last year’s deal count.
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