Wells Fargo fires more than 100 workers over relief fund abuse

JPM Earnings: All you need to know about JPMorgan Chase & Co. Q3 2020 earnings results

Wells Fargo had launched a broad cost-cutting drive in July, after it posted its first quarterly loss since 2008 and slashed its dividend to preserve capital.

If the economy recovers apace, JPMorgan may have $10 billion more than it needs to cover soured loans, Mr. Dimon said. Overall, "we continue to navigate the effects of the Covid-19 pandemic extremely well". Companies this year have rushed to raise cash, refinance debt and sell stock to weather the recession, leading to a Wall Street boom.

Net income for the third quarter was $9.44 billion, or $2.92 per share, compared to net income of $9.08 billion, or $2.68 per share in the third quarter of 2019.

"We are committed to thoroughly addressing the issues contained in the consent orders", Corbat said in the statement. He's charged with making harmed customers whole, repairing relations in Washington and improving earnings.

Earlier Tuesday morning, competitor JPMorgan Chase posted a surprise increase in earnings, fueled by a 30% jump in markets revenue. Since the pandemic spread across the U.S.in March, banks like JPMorgan had been setting aside billions to cover loans that once were fine but suddenly were in question due to the economic shutdowns.

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That could also prevent hospitals from getting overwhelmed with flu and coronavirus patients at the same time. These symptoms will likely require a medical visit and testing for both the flu and COVID-19.

Net income dropped 34% to $3.23 billion, or $1.40 a share, beating the 92-cent average of analyst estimates compiled by Bloomberg.

The bank's efficiency ratio, a measure of profitability, worsened to 71 per cent from 60 per cent in the second quarter.

Citigroup Inc trounced estimates for third-quarter profit on Tuesday, as this year's rollercoaster ride for global financial markets drove a surge in the bank's trading revenue, countering the impact of ultra-low interest rates. In asset and wealth management, profit rose 31%. Fraser is set to succeed Corbat in February.

The firm generated revenue of $29.94 billion, about $1.5 billion more than what analysts had expected, fueled in part by better-than-expected trading results.

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