Story perspectives

Citigroup Profit Jumps 40% as Banks Beat Q3 Forecasts

By Drooid · Oct 13, 2026, 6:22 PM UTC · How we work

Summary

Story summary

JPMorgan Chase, Citigroup, Wells Fargo and Goldman Sachs posted higher Q3 profits.
JPMorgan earned $15.3 billion, $5.57 a share, missing the $5.93-a-share forecast.
JPMorgan CEO Jamie Dimon warned a 1 % rate rise would hurt.
Citigroup profit rose 40 % YoY, beating expectations thanks to investment-banking and wealth-management revenue.
10-year and 30-year Treasury yields hit highs as the Federal Reserve (Fed) raised rates amid diesel, tech and food prices.

History

Historical Context

In 1994, the Federal Reserve under Chairman Alan Greenspan executed a rapid 300-basis-point hike, pushing the federal funds rate from 3% to 6%. The surge drove 10-year Treasury yields to 8%, squeezed bank margins, and forced JPMorgan Chase, Citigroup, Wells Fargo, and Goldman Sachs to adjust earnings forecasts. Today's Q3 2023 profit reports echo that pattern, as the Fed’s latest rate hikes lift 10-year yields above 4% and banks warn of tighter margins. The episode suggests that sustained rate increases can reshape banking profitability, prompting institutions to diversify revenue and regulators to monitor systemic risk.

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Story summary

JPMorgan Chase, Citigroup, Wells Fargo and Goldman Sachs posted higher Q3 profits.
JPMorgan earned $15.3 billion, $5.57 a share, missing the $5.93-a-share forecast.
JPMorgan CEO Jamie Dimon warned a 1 % rate rise would hurt.
Citigroup profit rose 40 % YoY, beating expectations thanks to investment-banking and wealth-management revenue.
10-year and 30-year Treasury yields hit highs as the Federal Reserve (Fed) raised rates amid diesel, tech and food prices.

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