The bank reported record revenue of $38.3 billion, compared to $36.1 billion forecasted by analysts surveyed by FactSet, and net income of $12.6 billion, or $4.10 per share, shattering the consensus estimate of $3.41 per share.
Notably, JPMorgan reported nearly $2.38 trillion in total deposits, down 7% from one year prior and topping analysts’ projections of about $2.35 trillion. Shares of the bank soared upwards of 6% in pre-market trading, set to open at their highest level in more than a month.The final three weeks of 2023’s first quarter were arguably the most eventful stretch for the banking industry since the financial crisis in the late 2000s, highlighted by the failures of American giants Silicon Valley Bank and Signature Bank and the collapse of Swiss bank Credit Suisse.
the “repercussions” of the turmoil will be felt “for years to come.” Also reporting earnings Friday are Citigroup, Wells Fargo, PNC and First Republic. JPMorgan is by far the largest U.S. bank by market capitalization and assets.The second quarter of 2023 will be the true “wild card” for banks as there’s more “meaningful” data on the effects of the banking crisis and elevated interest rates, Deutsche Bank analyst Matt O’Connor wrote in a note to clients earlier this week.
Nothing against JPMorgan (my own invest-bank); but let's get real here: THIS and other corporate windfalls are exactly what the Trump Administration sought to produce, and benefit from.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Forbes - 🏆 394. / 53 Read more »