The news: JPMorgan Chase, Wells Fargo, and Citigroup posted solid Q3 2025 earnings but reiterated warnings about Trump’s economic policies.
- JPMorgan exceeded revenue expectations with $47.12 billion, per CNBC.
- Wells Fargo’s $21.43 billion in revenues also outperformed analysts’ predictions, per Investing.com.
- Citigroup also beat analysts’ expectations with $22.09 billion in revenues, per CNBC.
Consumer financial health: Improving delinquency rates across all banks suggests consumer resilience in the face of economic uncertainty.
- JPMorgan’s 30- and 90-day delinquency rates ticked downward YoY, sliding from 2.20% and 1.10% to 2.14% and 1.07%, respectively.
- Wells Fargo followed suit, with its 30- and 90-day delinquency rates sinking to 2.68% and 1.34% from 2.87% and 1.43% in Q3 2024.
- Citi’s branded cards 30- and 90-day delinquency rates fell to 1.05% and 1.07%, respectively. A year ago, those rates sat at 1.06% and 1.09%, respectively.
With delinquency rates consistently dropping YoY, analysts are confident that long-term consumer financial wellness has sticking power. Consumer spending reflects that optimism, with all banks showcasing robust card volume growth.
- JPMorgan’s credit and debit card volume rose 9% YoY.
- Wells Fargo’s credit card volume also hit 9% growth YoY.
- Citi’s credit card volume increased 5% YoY.
A caveat: These delinquency rates and card volume reflect in part consumers who secured lines of credit while issuers tightened their underwriting standards—which means newer cardholders have stronger credit profiles and personal earnings. US adults outside those parameters may be experiencing more distress, especially as student loan payments resume.
Wells Fargo’s standout performance: The bank has found a winning credit card strategy.
As Wells Fargo prepares to split ways with its wildly unprofitable Bilt portfolio, its credit card revenues grew 13% due to a combination of increased card fees and loan volume. Credit card accounts also rose 49% YoY, with 900,000 new accounts opened in Q3—compared with just 615,000 new accounts a year ago.
With the success of its increased fee model, it’s likely Wells will pursue a new card product with higher annual fee targeting wealthy consumers, emulating its peers. This year, Citi launched Strata Elite; American Express refreshed its Platinum Card; and Chase updated its Sapphire Reserve collection. Wells has yet to target this consumer segment but has the travel connection through its Autograph Rewards program to link cardholders to luxury travel opportunities.
Our take: So far, major issuers’ earnings do not telegraph major warning signs about the state of the US consumer, but CEOs like Jamie Dimon are still preparing for “a wide range of scenarios” in the face of stewing geopolitical unrest, possible sticky inflation, increased asset prices, and tariff and trade uncertainty.
With worsening economic conditions possibly on the horizon, issuers should consider allocating marketing dollars to promote their popular card-linked installment plans. This could help issuers avoid losing spend as consumers trade down to the debit cards or switch to BNPL providers.
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