News Summary

• JPMorgan posted net income of $14.4 billion, a 12% increase from the third quarter of last year and roughly $1 billion more than what analysts anticipated.
• Revenue from JPMorgan’s investment banking division climbed 17% from a year ago to $2.6 billion, while client trading jumped 25% to $8.94 billion.
• Wells Fargo (WFC) and Citigroup (C) also benefited from a recent frenzy of mergers and IPOs.
• But many bankers are still cautious about the overall environment, noting the many uncertainties that remain.