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JP Morgan Beats Earnings Estimates
Trent Grinkmeyer
July 14, 2023
Here come the banks!
JP Morgan net income surged 67% for the second quarter.
Adjusted earnings of $4.37 per share vs. $4 per share Refinitiv estimate
Revenue of $42.4 billion vs. $38.96 billion estimate
JPM said that they are setting a side $2.7 billion for loan loss provisions in anticipation of delinquent borrowers. They also said the trading division and investment banking was down 15% year over year. This is interesting in particular the trading revenues are down. With markets up, you would think their trading department would be making more money.
Wells Fargo reported earnings Friday, along with Citigroup. Bank of America and Morgan Stanley report Tuesday. Goldman Sachs on Wednesday.
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