Wall Street’s big banks deliver mixed earnings. Executives bet the IPO lull won’t last
Source: Fortune ·
On Tuesday, JPMorgan missed on earnings for the first time in nearly three years, amid a wider sweep of mixed big bank earnings.
From the source
Big week for Wall Street’s largest banks and for finance nerds like myself. Morgan Chittum here. I’m Fortune’s new senior finance reporter, and Allie’s asked me to write Term Sheet a few days a week (Dream gig!) A bit about me: I love reporting on big banks, asset managers, and other financial firms that have an outsized influence on our lives. So, what better way to kick off my first-ever newsletter than with a debrief on bank earnings? It’s been a mixed bag of reports. Bank of America posted a third-quarter profit drop this morning while Morgan Stanley beat on the top and bottom lines. The latter was largely expected: Citigroup did the same yesterday. Wells Fargo, however, missed on revenue despite surpassing earnings estimates. The bank reported revenue of $21.87 billion, lower than consensus of $22.31 billion. It’s the third time in the past four quarters that Wells has done so. The real surprise came from JPMorgan, the nation’s largest bank by both assets and market cap — about…