Bank earnings live updates: JPMorgan and Wells Fargo report results

JPMorgan Chase reported a notable increase in profit for the third quarter of 2023, driven by growth in investment banking and trading activities. The US banking behemoth disclosed a net income of $15.3 billion, or $5.57 per share, for the period ending September 30, up from $14.4 billion, or $5.07 per share, in the same quarter a year ago.

The bank's trading desks have been exceptionally profitable, with their revenue surging by 15% in the third quarter compared to the previous year. This growth can be attributed to heightened market volatility caused by global interest rate uncertainties and the surge in energy prices, which have kept investors vigilant and prompted them to adjust their portfolios and hedge against potential risks.

JPMorgan's investment banking division remains the top earner in the sector, as per Dealogic data. Despite a slowdown in dealmaking due to uncertainty surrounding the Federal Reserve's interest-rate trajectory and concerns about the potential slowdown in AI spending, the bank has continued to outperform its competitors.

Debt capital markets have emerged as a notable bright spot, with big-tech companies raising billions of dollars to support their AI-driven growth plans. JPMorgan's fees in the investment banking sector rose by 14% in the quarter, demonstrating the bank's continued success in this area.