Sunday 26 January 2020
Home      All news      Contact us     
businessinsider - 12 days ago

JPMorgan smashes Wall Street s targets

JPMorgan Chase reported fourth-quarter earnings Tuesday that beat analysts revenue and profit expectations, reflecting strong gains in its corporate and investment bank and asset and wealth management divisions. The bank s shares climbed 1.9% in premarket trading. View Business Insider s homepage for more stories. JPMorgan Chase posted $2.57 in fourth-quarter earnings per share, outpacing the $2.36 figure that Wall Street analysts surveyed by Bloomberg were expecting as corporate and investment bank revenues jumped 31%, and wealth and asset management revenue climbed 8%. The bank s shares climbed 1.9% in premarket trading as investors cheered the outperformance and positive outlook by CEO Jamie Dimon. Here are the key numbers: Net income: $8.52 billion versus the $7.54 billion estimate Earnings per share: $2.57 versus the $2.36 estimate Revenue: $28.3 billion versus the $27.9 billion estimate JPMorgan Chase produced strong results in the fourth quarter of 2019, capping off a solid year for the Firm where we achieved many records, including record revenue and net income, Dimon said in the earnings release. While we face a continued high level of complex geopolitical issues, global growth stabilized, albeit at a lower level, and resolution of some trade issues helped support client and market activity towards the end of the year, he added. JPMorgan s corporate and investment bank generated record fourth-quarter revenue, Dimon said. He added that global investment banking fees rose slightly in the quarter, and the bank s investment banking fee wallet share for the year hit its highest level in a decade. The bank s commercial banking division earned a record $2.7 billion of investment banking revenue last year, and the asset and wealth management division also brought in record long-term net flows of $100 billion, he said.Join the conversation about this story NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the 3rd wave firms that are leading the next round of tech disruption

Latest News








Most Popular (6 hours)

Most Popular (24 hours)

Most Popular (a week)