NEW YORK, July 14, 2026, 19:10 (EDT).
Goldman Sachs NYSE:GS surged 9.0% at the close Tuesday, while Citigroup NYSE:C dropped 5.3%. That’s a 14.3-point spread. Investors seemed to look past just the latest results and price in the next two quarters. Both banks topped second-quarter profit estimates.
JPMorgan Chase NYSE:JPM rose 2.5% after raising its 2026 net interest income outlook. Wells Fargo NYSE:WFC dropped 2.7% as it kept its main full-year interest-income and expense forecasts steady. All four banks beat consensus. The moves reflect changes to guidance as much as results.
Goldman and JPMorgan shares are up an average 5.8% after the firms reported a fee backlog or boosted their interest-income outlook. Citi and Wells Fargo dropped about 4% on average as their main targets held steady or costs came up again—a 9.8-point gap between the pairs. The quarter looked solid by most measures. The tape told a different story.
| Bank | Q2 earnings/share | Consensus | Surprise | Tuesday close |
|---|---|---|---|---|
| Goldman Sachs | $20.98 | $14.48 | up 44.9% | gained 9.0% |
| JPMorgan | $6.14 adjusted | $5.85 | 5.0% above | rose 2.5% |
| Citigroup | $3.15 | $2.74 | beat by 15.0% | dropped 5.3% |
| Wells Fargo | $2.00 | $1.72 | up 16.3% | fell 2.7% |
JPMorgan’s number leaves out notable items. Surprise percentages compare reported earnings with the consensus cited.
Goldman Sachs posted a 44.9% earnings surprise, the highest among peers, but the real story was the operating mix. Revenue jumped 39%, outpacing a 26% rise in costs and creating 13 points of positive operating leverage. Return on equity hit 23.5%. Equities revenue climbed 72%. Investment-banking fees were up 55%. CEO David Solomon said, “Momentum has accelerated throughout our businesses.” JPMorgan analyst Kian Abouhossein said the numbers “significantly exceeded expectations.” Goldman Sachs
JPMorgan was more telling. Its adjusted earnings beat came in at just 5.0%, the smallest among the group. If you strip out $5.6 billion in disclosed investment gains, the filing shows adjusted revenue rose about 15%, matching growth in costs. Still, the bank lifted its 2026 net interest income forecast to $105.5 billion from $103 billion, including markets. Adjusted return on tangible common equity was 23%. The revision made the difference.
Citi posted a stronger income statement than the stock move suggested. Revenue rose 14%, expenses were up 5%, and preliminary return on tangible common equity hit 13.0%. The bank left its 2026 target unchanged at 10%-11%. CEO Jane Fraser said some planned investments might move up. Wells Fargo’s Mike Mayo asked if that meant a weaker second half. CFO Gonzalo Luchetti said clients shifted towards the equity and debt capital markets, but expenses got more focus.
Goldman, Citi and Wells posted positive operating leverage in the latest numbers. JPMorgan came in about flat once you strip out disclosed gains. What stood out was how each management team guided investors on what to expect next.
| Bank | Revenue growth | Expense growth | Return metric | Forward cue |
|---|---|---|---|---|
| Goldman Sachs | up 39% | up 26% | 23.5% ROE | Fee backlog climbed |
| JPMorgan | near 15% adjusted* | up 15% | 23% adj. ROTCE | 2026 interest-income forecast up |
| Citigroup | up 14% | up 5% | 13.0% first look ROTCE | 2026 outlook steady |
| Wells Fargo | up 9% | up 2% | 17.7% ROTCE | No change to income or cost outlook |
JPMorgan’s revenue growth uses the managed revenue figures that strip out $5.6 billion in stated gains. Year-on-year growth rates for others use each company’s reported numbers.
Wells kept its mismatched numbers but cleared up the details. Revenue was up 9%, expenses up 2%. Still, the bank stuck to its 2026 net interest income forecast of almost $50 billion and kept noninterest expense steady at $55.7 billion. Net interest margin dropped 4 basis points to 2.43% from Q1. Shares slipped, even with earnings beating by 16.3%.
Big gains in global investment-banking revenue helped everyone. Dealogic said revenue hit $61.4 billion for the first half, up 24% compared to last year. Every bank in the group got a boost from the jump. After Tuesday’s close, markets split banks with a stronger story from the rest.
The premium can slip the other way, too. Deals can slow, choppy trading might settle, and inflation could make it tougher for borrowers while assets lose ground. JPMorgan CEO Jamie Dimon said, “We just don’t know how long it will continue.” Wells Fargo’s Charlie Scharf was more direct: “Strong environments like this don’t last forever.” Reuters
Banks that raised their earnings outlook after a clean beat got rewarded Tuesday. But when the beat didn’t come with a clearer or better target, the stock didn’t move as much.
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