Keefe, Bruyette & Woods

Big banks beat Q3 earnings expectations, with modest growth in mortgages

Third-quarter earnings for big banks Wells Fargo, JPMorgan Chase and Citigroup Inc. surpassed investor expectations on Tuesday, marking Wall Street’s resilience during fickle economic times. Wells Fargo’s revenue for Q3 2025 reached $21.43 billion, compared to an expected $21.14 billion. As a result, the company’s stock surged 7.51% and closed at $82.08 in pre-market trading. […]

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With a Fed rate cut likely, how big could the refinance wave be?

Mortgage rates at their lowest levels in nearly a year are driving a wave of refinance opportunities for lenders ahead of the Federal Reserve’s expected rate cut next week. The shift is encouraging more borrowers to leave the sidelines, with small rate moves already triggering meaningful activity. “Refinance businesses increased significantly from the first quarter,

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Trump’s GSE exit pursuit is complicated (and could be costly)

President Donald Trump’s bombshell Truth Social post on Wednesday night sent the stock prices of Fannie Mae and Freddie Mac soaring. But removing the government-sponsored enterprises (GSEs) from conservatorship after 16-plus years would be a complicated endeavor. And if they’re not removed carefully, costs for borrowers could spike. Trump’s announcement that he’s considering a public

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