Bank of America and Wells Fargo & Company announced third-quarter earnings Friday, with the former posting positive numbers and the latter struggling. On Thursday, JPMorgan Chase and Citigroup each announced solid earnings for the third quarter which ended Sept. 30.

Bank of America, the second largest bank in the United States behind JPMorgan Chase, now has assets of $2.7 trillion. Bank of America reported a net income increase of 13 percent in the third quarter to $5.6 billion, with average earnings per share increasing 17 percent to $0.48.

Wells Fargo, the country’s third biggest bank, reported net income of $4.6 billion in the third quarter, down 18.5 percent from 2016 Q3 of $5.64 billion. Earnings per share of $0.84 — down from $1.03 in 2016 Q3 — included the impact of a discrete litigation accrual of $0.20 per share for previously disclosed mortgage-related regulatory investigations, according to the Wells Fargo website.

Wells Fargo was involved in a scandal a year ago when it was revealed that bank employees had opened as many as 2.1 million accounts without customers’ knowledge, in order to reach sales quotas set by company executives. Wells Fargo entered into a $185 million settlement with the Office of the Comptroller of the Currency and others.

Wells Fargo CEO Tim Sloan, on the company website, said: “Over the past year we have made fundamental changes to transform Wells Fargo as part of our effort to rebuild trust and build a better bank. While our financial performance in the third quarter included the impact of a litigation accrual for previously disclosed, pre-crisis mortgage-related regulatory investigations, I am proud of the commitment of our 268,000 team members who put our customers first. We saw total average deposit growth; loan growth in our residential mortgage, credit card and subscription finance portfolios; as well as higher assets under management in Wealth and Investment Management. We also continued to invest in customer-focused innovation and have begun the rollout of our online mortgage application and ‘Intuitive Investor,’ our online platform for digital investing and professional advice.”

The news was better for Bank of America CEO Brian Moynihan. On the Bank of America website, Moynihan said: “Our focus on responsible growth and improving the way we serve customers and clients produced another quarter of strong results. Revenue across our four lines of business grew 4 percent, even with a challenging comparable quarter for trading. We delivered positive operating leverage year over year for the 11th consecutive quarter while continuing to invest in improved capabilities. Digital activity with customers continues to shape the way we provide products and services to customers, with the most recent example being Zelle, our new person-to-person payment capability.”

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According to, JPMorgan Chase is the largest bank in the United States with $2.55 trillion in assets, followed by Bank of America [$2.25 trillion], Wells Fargo [$1.95 trillion] and Citigroup [$1.82 trillion]. The remainder of the top 10 is Goldman Sachs [$894 billion], Morgan Stanley [$832 billion], U.S. Bancorp [$450 billion], PNC Financial Services Group [$371 billion], TD Group US Holdings [354 billion] and Capital One Financial [349 billion].

JPMorgan Chase and Citigroup each exceeded analyst expectations for revenue and profit growth, it was announced Thursday.

JPMorgan Chase reported a third quarter net income increase of 7 percent. The net income of $6.7 billion, or $1.76 per share, was an increase over Q3 2016, which showed net income of $6.3 billion and $1.58 per share.

JPMorgan Chase Chairman and CEO Jamie Dimon commented on the financial results on the company website: “JPMorgan Chase delivered solid results in a competitive environment this quarter with steady core growth across the platform. And for the first time, the Firm led the nation in total U.S. deposits, as consumers and businesses continue to view us as their partner of choice.”

Citigroup’s net income increased 8 percent in the third quarter over the previous year, according to the company website. Citigroup had a net income of $4.1 billion in the third quarter, or $1.42 per diluted share, on revenues of $18.2 billion. Third quarter numbers from 2016 were revenue of $17.8 billion with a net income of $3.8 billion for $1.24 per diluted share.

Citi CEO Michael Corbat said on the website: “We delivered a very strong quarter, showing the balance of our franchise by both product and geography and highlighting our multiple engines of client-led growth. We had revenue increases in many of the products we have been investing in, tightly managed our expenses, and again saw loan growth in both our consumer and institutional businesses.”