For the first time in years: JPMorgan missed earnings forecasts

JPMorgan reported revenue of $50.2 billion and earnings of $5.75 per share, below analysts' forecasts, while Goldman Sachs surprised with revenue of $18.6 billion and earnings of $17 per share. JPMorgan's stock initially fell but recovered after an optimistic forecast for interest income. Alongside the reports, the article raises a long-term concern about AI agents that could hurt the banks' profits.

The American banking giants published their third-quarter 2026 reports, with a mixed picture. JPMorgan, which historically tends to beat analysts' forecasts, missed them for the first time in years: revenue stood at $50.2 billion versus an expectation of $51.2 billion (a miss of about 2%), and adjusted earnings per share were $5.75 versus an expectation of $5.93 (about 3% below the forecast). By contrast, Goldman Sachs posted a particularly strong quarter with revenue of $18.6 billion versus an expectation of $16.8 billion (a positive surprise of about 10%), and earnings of $17 per share versus an expectation of $13 (about 30% above the forecast). Wells Fargo also published lukewarm reports. Goldman Sachs' stock rose about 4% in early trading, while JPMorgan's stock initially fell by up to 3.5% but recovered after the bank announced an optimistic forecast for interest income. Alongside the reports, the article raises a long-term concern about artificial intelligence agents that will allow customers to manage investments automatically and move between providers, which could hurt the banks' revenue from fees and financial services.