From October 20 to 22, along the banks of Shanghai's Huangpu River, the 2026 Sustainable Global Leaders Conference returns once again. Nobel Prize and Turing Award winners will take the stage to discuss the future and trends of technology, and the internet-famous professor who "rescues" people from anxiety and the era of involution — Macfarlane — will hold a live dialogue with Xiang Biao!
Limited seats available, first come first served. Let us embark together on this journey toward sustainability! [Click to Register] In addition, existing home sales are showing signs of a modest recovery.
JPMorgan's trading and investment banking activity slowed, and its earnings report fell short of Wall Street expectations. Good morning. Could Wall Street's strong momentum be fading? The financial institutions' earnings season started off impressively, with JPMorgan, Goldman Sachs, Wells Fargo, and Citigroup all reporting higher third-quarter profits. But various signs suggest that Wall Street may find it difficult to sustain its previous performance levels.
Overall, while trading and investment banking businesses achieved growth, they failed to replicate the red-hot conditions of the second quarter. Nevertheless, major banks maintain a cautiously optimistic view of the U.S. economy, stating that corporate and consumer financial conditions remain solid. Below is a summary of comments from some chief financial officers and executives on the latest operating conditions during earnings conference calls:
Capital One Chief Financial Officer Gonzalo Luchetti — On consumer credit: "Consumer credit performance continues to improve, with net charge-off rates and delinquency rates across the overall cash credit portfolio declining year over year."
Wells Fargo Chief Financial Officer Mike Santomassimo described the current state of the U.S. consumer as "quite solid," while noting that charge-off and delinquency data are improving, "providing support for the economic trajectory in the second half of the year." "Overall, the consumer-side business is performing very well."
Wells Fargo Chief Executive Officer Charlie Scharf, speaking about the bank's third-quarter results and the macroeconomic landscape: "Although the economy still faces uncertainty and consumer confidence is divided, our data shows that individual and business customers are in good shape. Consumer spending has increased, loan delinquency rates remain low, and deposit and investment asset balances have both grown."
JPMorgan Chief Executive Officer Jamie Dimon — On the credit environment: "I won't give a very detailed assessment, but we are tightening credit standards. I think some credit terms had become a bit loose earlier." He said during a Tuesday morning analyst call, "We don't need to go chasing that kind of business anymore."
Key upcoming schedule 📆 Earnings releases: ASML, Bank of America, BlackRock, Fastenal, Morgan Stanley, Progressive Insurance, State Street Group 📈 Economic data: The U.S. Bureau of Labor Statistics releases the September Consumer Price Index (CPI); the Federal Reserve publishes its eighth Beige Book of the year.
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