America’s biggest banks kicked off earnings season with a show of strength, powered by a surge in dealmaking, market volatility, and resilient economic undercurrents. From JPMorgan’s record trading haul to Bank of America’s booming loan book, Wall Street’s heavyweights are cashing in on the revival of investment banking and elevated trading activity. A rebound in M&A and IPO pipelines, combined with steady consumer balance sheets, pushed profits sharply higher across the board. Even as CEOs struck a cautious tone on inflation and global uncertainty, most signaled growing optimism about the U.S. economy’s staying power. Wells Fargo is entering a new era of expansion post–asset cap, while Goldman Sachs and Citi rode waves of corporate activity to standout quarters.
Top 5 Portfolio Holdings*
JPMorgan Chase & Co (JPM)
Portfolio weight* in Evolve US Banks Enhanced Yield Fund: 5.42%
- EPS: $5.07 reported vs Bloomberg estimate of $4.84
- Revenue: $47.12B reported vs Bloomberg estimate of $45.4B
JPMorgan Chase kicked off bank earnings season with a blockbuster quarter, comfortably topping Wall Street expectations. The banking giant reported earnings of $5.07 per share on $47.12 billion in revenue, both ahead of forecasts. Profit soared 12% to $14.39 billion, fueled by surging trading and investment banking activity that together added about $700 million more revenue than expected. Fixed income trading jumped 21% to $5.6 billion, while equities trading surged 33% to $3.3 billion, both smashing estimates. Investment banking fees climbed 16% to $2.6 billion as deal-making momentum returned. CEO Jamie Dimon credited a “resilient” U.S. economy but warned of ongoing risks from inflation, tariffs, and global uncertainty. JPMorgan’s record $8.9 billion trading haul marked its best third quarter ever, underscoring how market volatility and pro-business policy tailwinds have boosted big banks’ bottom lines. The bank also increased provisions for credit losses, signaling caution ahead.1
Bank of America Corp (BAC)
Portfolio weight* in Evolve US Banks Enhanced Yield Fund: 5.36%
- EPS: $1.06 reported vs Bloomberg estimate of $0.95
- Revenue: $28.24B reported vs Bloomberg estimate of $27.5B
Bank of America delivered a strong third quarter, easily topping expectations thanks to a surge in investment banking and solid trading gains. The bank reported earnings of $1.06 per share on $28.24 billion in revenue, beating estimates across the board. Profit jumped 23% to $8.5 billion, while revenue climbed nearly 10.8% year over year. Investment banking was the star of the show, with fees soaring 43% to $2 billion, well ahead of forecasts as corporate dealmaking and capital raising picked up. Equities trading rose 14% to $2.3 billion, while fixed income trading gained 5% to $3.1 billion. Net interest income hit a record $15.39 billion, boosted by steady loan and deposit growth. CEO Brian Moynihan highlighted strong performance across all business lines, emphasizing the bank’s “organic growth and effective balance sheet positioning.”2
Wells Fargo & Co (WFC)
Portfolio weight* in Evolve US Banks Enhanced Yield: 5.39%
- EPS: $1.66 reported vs Bloomberg estimate of $1.55
- Revenue: $21.44B reported vs Bloomberg estimate of $21.16B
Wells Fargo delivered one of its strongest quarters in years, beating estimates and signaling a new era of growth after the U.S. Federal Reserve lifted its seven-year, $1.95 trillion asset cap. The bank reported earnings of $1.66 per share on $5.59 billion in profit, topping expectations and sending shares up 7.6%. With the cap finally gone, CEO Charlie Scharf raised the bank’s profitability target to a 17–18% ROTCE, up from 15%, and outlined ambitions to become a top-tier player across consumer banking, wealth management, and investment banking. Wells Fargo’s total assets surged past $2 trillion for the first time, fueled by the strongest loan growth in over three years. Credit quality remained robust, with provisions for loan losses dropping to $681 million. Investment banking revenue jumped 25% to a record $840 million, helped by a flurry of major M&A activity, including advising Union Pacific’s $85 billion deal for Norfolk Southern.3
Goldman Sachs Group Inc (GS)
Portfolio weight* in Evolve US Banks Enhanced Yield Fund: 5.34%
- EPS: $12.25 reported vs Bloomberg estimate of $11
- Revenue: $15.18B reported vs Bloomberg estimate of $14.1B
Goldman Sachs delivered a powerful third-quarter performance, crushing expectations on the back of booming investment banking and fixed income trading. The Wall Street powerhouse reported earnings of $12.25 per share on $15.18 billion in revenue, beating forecasts and marking profit growth of 37% year over year. Investment banking was the standout, with fees soaring 42% to $2.66 billion amid a flurry of M&A and debt underwriting activity. Fixed income trading jumped 17% to $3.47 billion, driven by strength in rates, mortgages, and commodities, while equities trading rose a modest 7% to $3.74 billion, slightly below estimates. CEO David Solomon highlighted the bank’s success navigating volatile markets shaped by global tariffs and renewed dealmaking momentum. Goldman also announced the acquisition of Industry Ventures, a $7 billion venture capital firm, to expand its asset management arm.4
Citigroup Inc (C)
Portfolio weight* in Evolve US Banks Enhanced Yield Fund: 5.38%
- EPS: $2.24 reported vs Bloomberg estimate of $1.90
- Revenue: $22.09B reported vs Bloomberg estimate of $21.09B
Citigroup delivered a blockbuster third quarter, beating expectations across the board as every division posted record revenue. The bank reported adjusted earnings of $2.24 per share on $22.09 billion in revenue, topping forecasts and sending shares up over 4%. Net income climbed 15% to $3.8 billion, driven by broad-based strength across its businesses: banking revenue surged 34%, markets revenue rose 15%, and services achieved its best quarter ever with a 7% gain. CEO Jane Fraser credited “investments in new products, digital assets, and AI” for fueling innovation and operational efficiency, adding that Citi’s ongoing strategic overhaul is paying off. The bank also moved forward with the sale of a 25% stake in its Banamex Mexico business ahead of an IPO, a step that temporarily boosted expenses but supports its simplification strategy.5
*Portfolio weights as at September 30, 2025. Top 5 portfolio holdings sorted by Market Capitalization.
Source: Getty Images Credit: peshkov
Sources:
- https://www.cnbc.com/2025/10/14/jpmorgan-chase-jpm-earnings-q3-2025.html (October 14, 2025)
- https://www.cnbc.com/2025/10/15/bank-of-america-bac-earnings-q3-2025.html (October 15, 2025)
- https://www.cnbc.com/2025/10/14/wells-fargo-earnings-q3-2025.html (October 14, 2025)
- https://www.cnbc.com/2025/10/14/goldman-sachs-gs-earnings-q3-2025.html (October 14, 2025)
- https://www.cnbc.com/2025/10/14/citigroup-earnings-q3-2025.html (October 14, 2025)
DISCLAIMER
Published October 22, 2025.
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