Oura IPO raises questions about Wall Street prospects
Tom Hale, CEO of Oura Health Oy, wears an Oura ring during an interview in San Francisco, California, United States, Friday, June 14, 2024.
David Paul Morris | Bloomberg | Getty Images
The boom in deals and trading environment that fueled Wall Street this year slowed in the third quarter, but by how much and for how long?
These are the questions that analysts will ask themselves Goldman Sachs And JPMorgan Chase after a series of high-profile IPOs were suspended in recent months, including the listing of smart ring maker Oura, which cited uncertain market conditions as the reason for its delay.
Global investment banking revenues in the third quarter fell 6.6% from a year earlier to $27.2 billion, driven by fewer completed mergers and debt issuances, according to Dealogic data.
But the slowdown is far from uniform across Wall Street.
Bank of America CEO Brian Moynihan warned in September that third-quarter investment banking fees would fall more than 10%, while trading revenue would remain roughly flat.
Citigroup expects to do a little better: Chief Financial Officer Gonzalo Luchetti told analysts at the same conference that the investment bank was moving toward “low single-digit” revenue growth, while trading revenue was heading toward “mid-single-digit” growth.
Meanwhile, JPMorgan Co-Chairman Doug Petno told analysts last month that investment banking and trading revenues were headed for a percentage increase of between 15% and 15%, showing the boom continues at some banks.
-Hugh son
The distribution of expected sectoral revenues for Citigroup
According to StreetAccount consensus metrics, Citigroup is expected to report $4.31 billion in revenue for its bond markets division. It is also expected to report $1.76 billion in stock market revenue and $1.29 billion in investment banking fees.
Analysts expect Citi to report $2.41 billion in net credit losses and $2.62 billion in provisions for credit losses.
– Laya Neelakandan
Jamie Dimon’s interest rate warning becomes clearer
Jamie Dimon, CEO of JPMorgan Chase & Co., during the America Business Forum in Miami, Florida, United States, Thursday, November 6, 2025.
Eva Marie Uzcategui | Bloomberg | Getty Images
For years, Jamie Dimon, CEO of JPMorgan Chase, has warned that interest rates could rise higher than investors expected, fueled by persistent inflation and geopolitical conflicts.
Investors may get new insight into this outlook as major banks report third-quarter results.
Bond markets sold off during the period on renewed inflation fears, rising oil prices and questions about the impact of the growing wave of artificial intelligence-related debt on credit markets.
The yield on the 10-year Treasury – a benchmark that influences borrowing costs across the economy – jumped to around 5.3% in late September, the highest level in more than two decades. Bond prices fall as yields rise, driving up financing costs for businesses and consumers.
For banks, higher rates are a double-edged sword.
Lenders can earn more on new loans, but they are also forced to pay more to hold their deposits, as money market funds and Treasury bills become attractive to investors. Higher borrowing costs could weigh on loan demand, while tighter financial conditions could make mergers and IPOs more difficult.
Ultimately, higher rates can strain borrowers’ finances, causing some to default.
These concerns weighed on banking stocks during the third quarter. The S&P 500 Banks Index fell 5.4%, while the broader S&P 500 Index gained about 2.3%.
-Hugh son
Is time running out on Goldman Sachs CEO David Solomon’s tenure?
John Waldron, Chief Operating Officer of Goldman Sachs Group Inc., and David Solomon, Chairman and CEO of Goldman Sachs.
Jason Alden | Bloomberg | Angela Weiss | AFP | Getty Images
This will be the first opportunity for analysts to directly ask Goldman Sachs CEO David Solomon addressed reports that he could be replaced by his top deputy, John Waldron, as early as next year.
If Waldron, who is currently Goldman’s president and chief operating officer, takes over as CEO, Solomon would likely remain executive chairman for a period of time, an arrangement designed to ensure a smooth handover.
But it’s unclear whether Solomon, 64, is ready to let go of the reins of Wall Street’s premier investment bank, just as his company has hit its stride.
Solomon got Goldman back on track after an ill-fated foray into consumer banking earlier in his tenure. With help from the artificial intelligence boom and a rebound in trading and trading, Goldman shares have outperformed rivals over the past year.
Goldman spokesman Tony Fratto said there was “no definitive timetable for succession” at the bank.
Solomon and Waldron received $80 bonuses in 2025 to keep them in the bank until 2030.
-Hugh son
Wells Fargo expected to report these segment revenues
Analysts expect Wells Fargo to report net interest income of $12.66 billion, according to StreetAccount consensus metrics.
They also estimate that the company will report a provision for credit losses of $1.14 billion.
Last quarter, CEO Charlie Scharf said the bank was “benefiting from widespread economic strength” in the United States.
– Laya Neelakandan
Wells Fargo Has a Streak of Better Than Revenue Expectations
According to StreetAccount, Wells Fargo has exceeded consensus revenue expectations in 12 of the last 20 quarters.
The company has also beaten consensus earnings per share metrics in 16 of the last 20 quarters, reporting in line with expectations.
– Laya Neelakandan
Here’s what to expect from Citigroup
Citi Group is expected to report third-quarter results before the bell Tuesday. Here’s what the company is expected to release, based on a survey of analysts by LSEG:
- Earnings per share: $2.66 expected
- Income: $23.72 billion expected
Company executives will hold a conference call with analysts at 11 a.m. ET.
– Laya Neelakandan
Here’s what analysts expect from Goldman Sachs
David Solomon, CEO of Goldman Sachs Group Inc., speaks at the Qatar Economic Forum in New York, U.S., Sunday, September 20, 2026.
Michael Nagle | Bloomberg | Getty Images
Goldman Sachsled by CEO David Solomon, has benefited from high investment banking and trading activity so far this year.
The main question: will the Wall Street boom continue?
Here’s what Wall Street expects:
- Earnings per share: $13.02, according to LSEG
- Income: $16.71 billion, according to LSEG
- Trading income: fixed income $3.71 billion, stocks $5.02 billion, according to StreetAccount
- Investment banking fees: $2.84 billion, according to StreetAccount
Solomon and CFO Denis Coleman will hold a conference call with analysts at 9:30 a.m. ET.
-Hugh son
Here’s what Wall Street expects from JPMorgan
Jamie Dimon, CEO of JPMorgan Chase, leaves the Capitol in Washington, February 25, 2026.
Graeme Sloan | Bloomberg | Getty Images
JPMorgan Chase is expected to report third-quarter results before the opening bell Tuesday.
JPMorgan, led by its longtime CEO Jamie Dimon, is the largest U.S. bank by assets and the world’s largest by market capitalization.
Here’s what Wall Street expects:
- Earnings per share: $5.90 according to LSEG
- Income: $51.22 billion, according to LSEG
- Investment banking fees: $3.02 billion, according to StreetAccount
- Trading income: $5.95B Fixed Income, $4.43B Stocks, per StreetAccount
Dimon and CFO Jeremy Barnum will hold a conference call with analysts at 8:30 a.m. ET.
-Hugh son
Here’s what analysts expect from Wells Fargo
A Wells Fargo logo is displayed on a sign outside a bank branch June 6, 2026 in Washington, DC.
Kevin Carter | Getty Images
Wells Fargo is expected to report third-quarter results Tuesday before the bell. Here’s what Wall Street expects from the company:
- Earnings per share: $1.85 per share expected, according to LSEG
- Income: $22.3 billion expected, according to LSEG
Company executives will hold a conference call with analysts at 10 a.m. ET.
– Laya Neelakandan
Gn bussni
