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JPMorgan (JPM), Wells Fargo (WFC), Citi (C), and Goldman Sachs (GS) are scheduled to announce quarterly results on October 14. What to watch for:

OUTLOOK: During the company's last conference call, JPMorgan said it saw FY25 net interest income $95.5B vs. prior view $94.5B, FY25 card services NCO of about 3.6%, FY25 net interest income excluding markets of about $92B, market dependent, FY25 adjusted expense of $95.5B, market dependent, or adjusted expense excludes firmwide legal expense. Wells also said it saw FY25 net interest income of about $47.7B and FY25 noninterest expense $54.2B, unchanged from prior view.

During Goldman Sachs last conference call, the bank said it saw FY25 effective tax rate of 22%, that it continues to expect fundraising to be in line with recent years, sees FY25 effective tax rate of 22%, and that it is "well-positioned" to support clients.

MOVING TO THE SIDELINES: Late last month, Morgan Stanley analyst Betsy Graseck downgraded Wells Fargo to Equal Weight from Overweight with a price target of $95, up from $87. With the key catalyst of the asset cap removal now behind Wells the firm sees more limited upside from here relative to Overweight rated stocks in the big bank group, the analyst tells investors. The firm sees the next meaningful catalyst event being when the company will provide FY26 guidance in January and expects them to raise their ROTCE target from the current roughly 15%, but thinks "the market is also already largely there."

Back on October 2, BMO Capital analyst Brennan Hawken initiated coverage of Goldman Sachs with a Market Perform rating and $785 price target. The company has strong operating leverage and is positioned to benefit from the recovery in capital markets, the analyst tells investors in a research note. However, BMO believes much of the potential upside from Goldman's improved returns, regulatory relief, and capital deployment appears already priced into the shares.

BEAT AND RAISES: Evercore ISI raised the firm's price target on JPMorgan to $330 from $309 and keeps an Outperform rating on the shares. Big banks had "a stellar summer," with stocks rallying about 20% over the season, the firm noted. While some banks hinted at a strong quarter, the firm sees potential for "beat & raises," especially for JPMorgan and Goldman Sachs, though it notes that Citi might face a downward revision due to its Banamex stake sale.

SOLID TRENDS: Evercore ISI raised the firm's price target on Wells Fargo to $98 from $94 and keeps an Outperform rating on the shares. Regional bank and specialty finance trends "appear solid" for Q3, but full momentum in earnings might not be seen until early 2026, the firm tells investors in a preview for the group.

NOTABLE: JPMorganChase announced the Security and Resiliency Initiative, a $1.5T, 10-year plan to facilitate, finance and invest in industries critical to national economic security and resiliency. As part of this new initiative, JPMorganChase will make direct equity and venture capital investments of up to $10B to help select companies primarily in the United States enhance their growth, spur innovation, and accelerate strategic manufacturing. "It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing - all of which are essential for our national security," said Jamie Dimon, Chairman and CEO of JPMorganChase. "Our security is predicated on the strength and resiliency of America's economy. America needs more speed and investment. It also needs to remove obstacles that stand in the way: excessive regulations, bureaucratic delay, partisan gridlock and an education system not aligned to the skills we need." Dimon added, "This new initiative includes efforts like ensuring reliable access to life-saving medicines and critical minerals, defending our nation, building energy systems to meet AI-driven demand and advancing technologies like semiconductors and data centers. Our support of clients in these industries remains unwavering."

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