Goldman (NYSE: GS), Wells Fargo (NYSE:WFC), JPMorgan (NYSE:JPM), Citigroup (NYSE:C) and Ongoing Mixed Banking Results

The banking earnings season continues to be a mixed bag, as evidenced by the opposite directions Goldman (NYSE:GS) and Wells Fargo (NYSE:WFC) are going. JPMorgan (NYSE:JPM) and Citigroup (NYSE:C) opposite reports are two more examples.

Canaccord says, "Goldman Sachs reported fourth-quarter profit fell 52% as its lucrative investment banking and fixed income trading businesses dried up. Analysts had expected EPS to halve from $8.20 to $3.76 this quarter, and the actual number was close at $3.79. Sales fell across the board, with investment banking revenues falling 10%, and trading and securities service revenues down 31%. Goldman also said its investment banking backlog decreased from the third quarter. Trading in fixed income, currencies and commodities, long one of Goldman's most profitable operations, fell 48% from the same period in 2009, due to lower client activity in the rising rate environment. Investment management was a bright spot, where revenues rose 14% from the fourth quarter of 2009. On the other side of the Street, Wells Fargo, the largest U.S. home lender, posted a record fourth-quarter profit, but pretty much what analysts had expected. Profit rose 21% to $3.41 billion, implying EPS of $0.61. Revenue across the three wealth businesses, a small but growing part of the bank, rose 15% to $3.0 billion. Two-straight years of stock market gains helped boost assets under management, leading to more fees, and prompted clients to make more trades. Wholesale banking, the division that includes the investment bank and commercial lending and real-estate divisions, reported $1.6 billion of net income, up 11% from the third quarter. Finally, total loans increased less than 1% to $757.3 billion from $753.7 billion in the third quarter. The readings from Goldman and Wells Fargo come amid a mixed start to earnings season for the biggest U.S. financial names: JP Morgan (NYSE:JPM) easily topped estimates to kick things off January 14, but Citigroup's (NYSE:C) report fell short Tuesday morning. Watch for Bank of America (NYSE:BAC) to report on Friday."

Goldman Sachs was trading at $165.54, down $0.95, or 0.57 percent, as of 1:50 PM EST. Wells Fargo was trading at $31.89, up $0.08, or 0.25 percent. JPMorgan was at $44.63, gaining $0.92, or 2.12 percent. Citigroup was trading at $4.78, up $0.02, or 0.42 percent. Bank of America was trading at $14.43, up $0.06, or 0.38 percent.