Wells Fargo & Co. also showed third-quarter profit that beat estimates, with net income coming in at $1.03 per share compared to average expectations of $1.01 per share, on improving loan-loss provisions and revenue from mortgage banking, reports Laura J Keller for Bloomberg.
However, WFC shares were dragged down by the ongoing scandal that led to a fine with regulators and two congressional hearings, which have led to Chief Executive John Stumpf being replaced by Timothy Sloan on Wednesday.
C shares gained 0.4%, JPM was down 0.1% and WFC was 0.4% lower on Friday. XLF includes a hefty 10.2% tilt toward JPM, along with 8.5% WC and 5.9% C.
Bank of America Corp. (NYSE: BAC), Goldman Sachs Group (NYSE: GS) and Morgan Stanley (NYSE: MS) will report earnings next week.
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