JPMorgan Chase reported a rare earnings shortfall in its third-quarter results released Tuesday, while Goldman Sachs exceeded expectations with strong revenue performance. The mixed earnings report from four of the largest U.S. banks reflected differing business segments and broader economic concerns.

JPMorgan, the largest U.S. bank by assets and market capitalization, posted earnings per share of $5.57, falling short of analyst estimates of $5.90. The firm recorded revenue of $50.91 billion, below the anticipated $51.22 billion. A key factor in the revenue miss was the fixed income trading business, which generated $5.4 billion—approximately $550 million less than projected. JPMorgan CEO Jamie Dimon cautioned that the sector and the broader U.S. economy could face increased challenges if interest rates rise by another percentage point, signaling concerns about tightening monetary conditions.

In contrast, Goldman Sachs reported net revenue of $18.68 billion, surpassing estimates by nearly $2 billion. This represents the firm’s second-highest quarterly net revenue on record. CEO David Solomon credited the strong performance to a resilient environment for Wall Street deal-making and a “durable” financing business, indicating sustained activity in investment banking despite macroeconomic uncertainties.

Citigroup also delivered a better-than-expected earnings performance, though details of its revenue or profit metrics were not disclosed. Meanwhile, Wells Fargo experienced a mixed quarter, reflecting ongoing challenges in certain business areas amid a complex market landscape.

The earnings season for major U.S. banks continues to reveal varied outcomes, underscoring the diverse impacts of economic trends such as interest rates, market volatility, and deal flow on financial institutions. Investors remain attentive to forward guidance as banks navigate an uncertain economic backdrop.