“As far as the things that you don’t want to see, you’ve got pretty much every one of them,” Thomas Hayes, managing member at Great Hill Capital Llc in New York, said.
Other large US banks including Citigroup and Wells Fargo will report results this week, while Goldman Sachs and Bank of America will round out big bank earnings season next week.Investment bankers fared the worst at JPMorgan, with revenue from the business sliding 61% to $1.4 billion. Rival Morgan Stanley also reported a slump in its dealmaking unit.
“Our bridge book, it’s smaller than it was because we priced ourself out of the market…a lot of people can lose a lot of money there, and we lost a little,” Dimon told analysts on a call. Analysts have been watching for losses on bridge loans, especially since the CFO of Bank of America said last month that his bank would likely record leveraged finance write-downs of as much as $150 million for the quarter.
Uh oh.
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