JPMorgan Chase and Wells Fargo saw stock gains on Friday after better-than-expected third-quarter results, signaling resilience in the banking sector.

Despite profit declines of 2% and 11% from last year, both banks benefited from strong investment banking activity, with fees up over 30%.

JPMorgan’s CFO Jeremy Barnum linked the performance to a potential “soft landing” for the U.S. economy, as inflation slows without triggering a recession.

JPMorgan raised its full-year profit outlook, while both banks noted rising credit challenges, Yahoo Finance has reported.

CEO Jamie Dimon warned of global uncertainties but highlighted the U.S. economy’s resilience.

Written by B.C. Begley