Herman Chan

And then there is a much tighter focus on expenses, especially with JP Morgan's

estimate of 9% expense growth for 2026.

So that's really front and center for a lot of these banks.

lot of sector rotation into banks and financials in general, and you have a higher bar and higher expectations heading into the fourth quarter results.

You saw that with JP Morgan yesterday where the stock was down, and now you've seen Bank of America, Citi, and Wells Fargo also weaker in today's trading session.

I would say that Wells Fargo missed estimates, and then there is a much tighter focus on expenses, especially with JP Morgan's

an estimate of 9% expense growth for 2026.

So that's really front and center for a lot of these banks.

Trading revenues looks like it beats by a touch.

So that's great to see.

And then on the provision that was down for bad debt.

So it looks like credit quality is holding up really strong for them as well.

And lending is fairly flat relative to analyst estimates.

The beats were really strong, especially on the market side.

Revenues on the markets trading side looks like it's up 17% year over year.

That's higher than consensus and higher than what they had outlined at a recent investor conference.

So really strong results there.

Investment banking fees look a touchdown relative to expectations.

So that'll be a partial offset to really robust trading results.

Loan growth looks strong, and the credit costs and credit quality looks like it's really holding up there.