Citigroup, Goldman Sachs, and Wells Fargo all reported second-quarter earnings above expectations, but the results came from different parts of their businesses.
* **Citigroup:** EPS was $3.15 versus $2.74 expected. Revenue rose 14% to $24.8 billion, while net income increased 45% to $5.8 billion. Banking revenue climbed 34%, investment banking revenue rose 44%, and markets revenue increased 17%. Citi returned about $5 billion to shareholders through buybacks and dividends.
* **Goldman Sachs:** EPS reached $20.98 versus $14.48 expected. Net income rose to $6.63 billion. Equities revenue increased 72% to a record $7.42 billion, fixed-income trading revenue rose 32% to $4.59 billion, and investment banking fees climbed 55% to $3.40 billion. Asset and wealth management revenue increased 20%.
* **Wells Fargo:** Revenue rose 9% to $22.62 billion, while net income increased to $6.41 billion from $5.49 billion. Reported EPS of $2.00 included a $0.04 tax benefit. Average loans increased 12% to $1.03 trillion, average deposits rose 10% to $1.47 trillion, and net interest income increased 5%. The bank also repurchased $3 billion of stock during the quarter.
Citi’s growth was spread across banking, markets, services, and wealth. Goldman’s increase was concentrated in trading and investment banking. Wells Fargo’s results included higher loans, deposits, interest income, and fee revenue.