Results of US banks are up, the quarterly reporting season is off to a good start on Wall Street

Even in the third quarter, the main US investment banks recorded growing profits, while putting their hands on the rise in rates, inflation and high energy costs. However, the picture that emerges from the big Tuesday of the results of JP Morgan, Citigroup, Goldman Sachs and Wells Fargo is not homogeneous: if they all increased profits and are more cautious about the future, JP Morgan and Wells Fargo disappoint Wall Street's expectations, while Citigroup and Goldman Sachs amaze investors.

«The US economy has continued to be supported by solid corporate investment and constant consumer spending - JP Morgan CEO Jamie Dimon said yesterday - However, large fiscal deficits, persistent inflation, high asset prices, rising rates and geopolitical dynamics continue to evolve beneath the surface». Bottom line, between June and September, compared to revenues up 8% to 50.17 billion dollars (but lower than the expected 51.23 billion), JP Morgan recorded profits growing "only" by 6% to 15.3 billion, weighed down by a loss of portfolio securities of 658 million dollars. The same goes for Wells Fargo, which disappointed with revenues - which rose by only 2% to 21.9 billion dollars - but did better with profits which grew by 6.5% to 5.95 billion.

Citrigroup and Goldman Sachs driven by trading