**Goldman Sachs and Other Major Banks Surpass Q3 2024 Earnings Expectations**

Goldman Sachs has announced a stellar performance for the third quarter of 2024, significantly surpassing Wall Street’s expectations. The financial giant reported an earnings per share (EPS) of $8.40, substantially higher than the $6.88 forecasted by analysts. Revenue also impressed, reaching $12.7 billion compared to the anticipated $11.7 billion. Key segments such as equities sales and trading, and global banking and markets, all showed exceptional growth, contributing to this positive outcome. Specifically, equities sales and trading revenue surged to $3.5 billion, far exceeding the $2.95 billion estimate, while global banking and markets net revenue hit $8.55 billion, surpassing the expected $7.65 billion.

Following this outstanding report, Goldman Sachs shares rose nearly 3% in premarket trading, achieving a new record high of $537.50. Additionally, the company's total deposits saw a 2.8% increase quarter-over-quarter, reaching $445 billion, and assets under management (AUM) climbed to $3.1 trillion, exceeding the predicted $2.99 trillion.

In a similar vein, Bank of America delivered an impressive third-quarter performance with an EPS of $0.81, beating the consensus of $0.76. The bank's revenue came in slightly above expectations at $25.34 billion, driven by solid growth in its investment banking and trading sectors. Notably, net interest income (NII) rose to $13.97 billion, exceeding forecasts of $13.9 billion, while investment banking revenue reached $1.4 billion, against an estimate of $1.24 billion. Trading revenue, excluding debt valuation adjustments, hit $4.94 billion, outperforming the expected $4.57 billion. This performance led to a 2% increase in Bank of America shares, pushing them to $42.79.

Citigroup also exceeded analyst predictions in their third quarter, reporting an EPS of $1.51, which beat the consensus of $1.31. The bank's revenue for the quarter was $20.32 billion, ahead of the expected $19.86 billion. Strong gains were observed in trading and wealth management, with FICC sales and trading revenue meeting forecasts at $3.58 billion and equities sales and trading revenue reaching $1.24 billion, far above the estimated $1.03 billion. Wealth management revenue hit $2 billion, surpassing the $1.8 billion forecast, while markets revenue totaled $4.82 billion, topping the $4.6 billion estimate. Following these results, Citigroup shares increased by 2.4% to $67.50.

Charles Schwab also joined the ranks of financial firms outdoing expectations with an EPS of $0.77, beating the consensus of $0.75. The company's revenue was just above estimates at $4.847 billion, compared to the expected $4.786 billion. This marks a significant recovery for Schwab, with shares skyrocketing 9% in premarket trading to $73.78, putting the stock on track for its best session since July 2023. Schwab's performance was attributed to steady client engagement and favorable market conditions, signaling a positive outlook despite previous pressures earlier in the year.

The overall positive third-quarter earnings reports have bolstered investor confidence in the financial sector, with the Financial Select Sector SPDR Fund XLF and the SPDR S&P Regional Banking ETF KRE both experiencing gains in premarket trading.