C trading +1% premarket
Citigroup's third quarter profit was $3.77 billion, or $1.23 a share, compared with $2.17 billion, or 72 cents a share, in the same quarter last year.
Wells Fargo, the fourth-biggest U.S. bank, said net income for common shareholders was $3.84 billion, or 72 cents a share, in the quarter, compared with $3.15 billion, or 60 cents a share, in the same period a year earlier.
Below are comments from analysts about the results:
CHANNING S. SMITH, CO-MANAGER OF THE CAPITAL ADVISORS GROWTH FUND, WHICH OWNS CITI AND WELLS FARGO SHARES:
"The initial reaction Is that the earning and numbers look very solid."
"Right now for us it's just kind of a relief. We know that the underlying business models of these companies are strong the underlying businesses are performing well despite headwinds."