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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


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