Top US bank stocks shine in Q3 financial reports, with JPMorgan CEO stating that the gap between large and small banks is widening.

Since this fiscal quarter,$JPMorgan (JPM.US)$,$Bank of America (BAC.US)$,$Qualcomm (QCOM.US)$,$Citigroup (C.US)$All have presented excellent "report cards", showing a significant recovery in the US banking industry.

$Morgan Stanley (MS.US)$Q3 performance is also very impressive. The financial report shows that Morgan Stanley's net revenue in the third quarter increased by 16% year-on-year to $15.38 billion, and the net income in the third quarter increased by 33% year-on-year to $4.221 billion.

This is mainly due to the strength of its wealth management and investment banking business. Morgan Stanley's CEO Ted Pick stated in a declaration that the rise in the stock market and net inflow of funds have supported the assets of the wealth management and investment management departments, with the total assets under management of the two departments reaching approximately $7.5 trillion.

Financial report data shows that the revenue of JPMorgan's Wealth Management division hit a historic high in the third quarter, accounting for about half of the total revenue; the Institutional Securities division (where investment banking and trading business are located) saw a significant revenue growth of 20% to $6.815 billion, with investment banking revenue increasing by 56% year-on-year, mainly benefiting from the increase in fixed income underwriting business.

JPMorgan CEO Ted Pick also stated in a media interview on Wednesday:

"Another factor is that competitors find it difficult to catch up with the larger banks, as the cost of running these businesses is very high every year."

After the financial report was released, Morgan Stanley's stock price rose 8.2% at one point, marking the largest intraday increase in nearly four years.

Since the beginning of this year, Morgan Stanley's stock price has accumulated a rise of over 27%, reaching a market cap of $193.3 billion.

Editor/ping