Wells Fargo reports mixed 3Q results

Wells Fargo & Co. reported mixed earnings Friday, with better-than-expected revenue but profit that fell short of analysts’ expectations.

The San Francisco finance giant was one of three major U.S. banks to report earnings, and investors are watching the banks closely for signs about the health of the U.S. economy amid a week of stock-market turbulence leading up to this quarter’s earnings season.

Competitors JPMorgan Chase & Co. and Citigroup Inc. both reported results that topped Wall Street estimates.

Wells Fargo reported third-quarter revenue of $21.9 billion; analysts predicted revenue of $21.8 billion, which was in line with last year’s third quarter. But the bank’s earnings per share of $1.13, a marked improvement over the same quarter last year, didn’t meet expectations. Analysts surveyed by data provider FactSet had expected earnings of $1.19 a share. The bank’s profits totaled $6 billion, up 32 percent over last year’s third quarter.

JPMorgan, the nation’s largest bank, reported earnings of $8.38 billion, or $2.34 per share, for the quarter, both ahead of analysts’ expectations, according to FactSet.

Citigroup, which also released results Friday, reported better-than-expected earnings for the quarter. The bank reported earnings of $1.73 a share, beating analysts’ expectations of $1.68. Revenue of $18.4 billion was in line with expectations.