# Bank earnings live updates: Citi's call is underway to wrap up a busy morning of reports

> Citi's earnings call begins as major U.S. banks report mixed third-quarter results amid AI boom and rising borrowing costs.
- Title: Bank earnings live updates: Citi's call is underway to wrap…
- Summary: Citi's earnings call begins as major U.S. banks report mixed third-quarter results amid AI boom and rising borrowing costs. Four major U.S. banks reported…
- Keywords: jpmorgan, citi, wellsfargo, goldmansachs, banking, earnings, thirdquarter, marketstability, borrowingcosts, business, finance, Bank
- Source: CNBC — https://cnbc.com/2026/10/13/bank-earnings-live-updates.html
- Author: Hugh Son,Laya Neelakandan,Leslie Picker,Ritika Shah
- Published: 2026-10-13T08:59:01+00:00
- Read time: 3 min
- Topics: jpmorgan, citi, wellsfargo, goldmansachs, ai, banking, earnings, thirdquarter, marketstability, borrowingcosts, business, finance
## Bank earnings October 2026: Live updates
Four of the largest U.S. banks reported third-quarter results on Tuesday: JPMorgan Chase, Wells Fargo, Goldman Sachs and Citigroup.
## The quarter was dominated by headlines
The quarter was dominated by headlines around artificial intelligence, IPO uncertainty, high fuel prices and rising borrowing costs.
## JPMorgan posts rare earnings miss
JPMorgan, the biggest U.S. bank by assets and the largest in the world by market capitalization, posted a rare miss.
## Goldman Sachs reports massive revenue beat
Goldman Sachs, meanwhile, blew past estimates for revenue and earnings per share, led by strong equities trading.
## Analyst calls focus on AI opportunities
Analyst calls for JPMorgan, Goldman Sachs and Wells Fargo all touched on the opportunities and risks associated with AI, citing robust financing demand and operational advantages, but also the threat of rogue agents.
## Goldman CEO denies succession plans
Goldman Sachs CEO David Solomon pushed back against reports of an impending transition to executive chairman, saying Tuesday that no succession process or timeline is underway at the investment bank.
## Citi sees consumer driving growth
Citi's Fraser said on the call with analysts that macro environment conditions softened during the third quarter and that the 'global economy has held up remarkably well.'

> the 'global economy has held up remarkably well.'
## Citi CEO prioritizes cyberdefense
Citigroup CEO Jane Fraser said on a call with analysts on Tuesday that the company is focused on reducing systemic risk while deploying AI firm-wide.
## Investment banking fees mostly hold up
Investment banking fees at all four firms reporting on Tuesday largely held up during the third quarter, with most firms either matching or surpassing prior guidance.
## Goldman CEO on IPO market softness
Goldman Sachs CEO David Solomon said the IPO market was 'a little bit softer in September' due to valuation expectations.

> the IPO market was 'a little bit softer in September'
## Goldman sees growing AI financing risks
Goldman Sachs CEO Solomon warned that the AI infrastructure boom could face a painful reset if higher borrowing costs or overbuilding undermine the economics of some data center projects.
## Wells Fargo reports semiconductor demand surge
Wells Fargo's Scharf said on the call with analysts that demand for semiconductors, networking equipment, power generation, data center infrastructure, cooling systems, storage, cybersecurity and advanced manufacturing equipment continue to surge.
## Wells Fargo customer base remains strong
Wells Fargo CEO Scharf said the company's customer base is 'still strong' despite macroeconomic pressures.

> the company's customer base is 'still strong'
## Wells Fargo devotes time to AI
Wells Fargo's Scharf said the company is 'devoting significant management time and resources' to building out its AI capabilities.

> the company is 'devoting significant management time and resources'
## JPMorgan CFO warns of AI meltdown
JPMorgan Chase won't be immune to a major reversal in the artificial intelligence build-out, the bank's CFO said, warning the entire industry would be impacted.
## JPMorgan's interest rate warning
JPMorgan CEO Dimon said financial pain across the U.S. economy would intensify if interest rates rise another percentage point from current levels.
## Key takeaway

Four major U.S. banks reported third-quarter earnings with Citi's call underway, showing mixed results as AI investment surges and borrowing costs rise.