It’s earnings season in the finance sector, and many banks are reporting earnings for the first time since the Federal Reserve's first interest rate hike since 2023. The hike was unanimous at 12-0, but the next move is anything but certain as we head into Q4.
That uncertainty is weighing on banks as they report Q3 results this week, and on Oct. 13 we got results from Wells Fargo & Co. (NYSE: WFC), The Goldman Sachs Group Inc. (NYSE: GS), and Citigroup Inc. (NYSE: C). Although the rate cut came too late to affect Q3 results, it still forces banks to update their outlooks, and their guidance and projections can offer investors clues. Management at all three banks expressed optimism, but the market’s response to the results told the real story.
