Both banks are also still dealing with demands from investors that they buy back mortgages they sold in the run-up to the financial crisis.
Some highlights from both banks' earnings reports:
— JPMorgan: The bank made $5.3 billion in the third quarter, up 36 percent from the same period a year ago. It worked out to $1.40 per share, blowing away the $1.21 predicted by analysts polled by FactSet, a provider of financial data.
Revenue rose 6 percent to $25.9 billion, beating expectations of $24.4 billion. Besides the higher mortgage revenue, the bank also set aside less money for bad loans, trimmed expenses, and enjoyed higher credit card use and investment banking fees.
— Wells Fargo: Wells made $4.7 billion in the third quarter, up 23 percent from the same period a year ago. That amounted to 88 cents per share, a penny higher than estimates. Overall revenue rose 8 percent to $21.2 billion, slightly lower than analysts expected.
JPMorgan's stock fell about 1 percent, losing 48 cents to $41.62, although it fared much better than other financial stocks. Wells Fargo's stock fell more than 2 percent, losing 93 cents to $34.25.
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