Michael G. O'Grady

Meanwhile, wealth management giant Northern Trust posted a third quarter net income of over $621 million.

CEO Michael O'Grady credited the firm's conservative focus on safeguarding institutional assets and wealth management for helping withstand market volatility.

CFO Dave Fox added that recent rate hikes by the Federal Reserve have provided a strong tailwind for their outlook.

Banking analyst Terry McAvoy of Wells Fargo notes that business borrowers are successfully managing around the high-rate environment and continue to invest for the future.