The bank posted earnings of $1.76 a share, above the $1.65 consensus, with the consumer and community banking and corporate and investment banking units topping forecasts.
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JPMorgan beats, shrugs off tough trading quarter (JPM)
JPMorgan Chase reported third-quarter earnings on Thursday, and it beat Wall Street estimates.
The bank shrugged off a weak quarter in fixed income, currencies, and commodities, in which it announced revenue of $3.16 billion, shy of the $3.18 billion that analysts were anticipating. Revenue from fixed-income trading was down 27% from a year ago, "driven by low volatility and tighter credit spreads, against a very strong prior year quarter," according to the earnings release.
Wall Street banks were expected to have a difficult quarter trading as markets have been locked in a period of low volatility.
In a memo to employees, the bank's corporate and investment banking CEO, Daniel Pinto, said that while a lot of attention was paid to trading revenue, the corporate and investment banking unit had "a very healthy quarter."
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"While attention is often placed on comparative trading revenue, the overall CIB produced a very healthy quarter. It was one of our strongest investment banking quarters in a decade and our large transaction businesses each generated over $1 billion of steady revenue. Once again, our balanced strength across diverse businesses continues to deliver for clients and shareholders."
Here's a look at the key numbers:
- Earnings per share:
- Revenue:
- Equity sales and trading revenue:
- Investment-banking revenue:
- Net income:
Shares of JPMorgan were trading down 0.50% immediately after the results.
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