JPMorgan Chase & Co. CEO Jamie Dimon arrives for a Senate Banking, Housing and Urban Affairs Committee hearing on Capitol Hill on September 22, 2022 in Washington, DC.
Drew Angerer | Getty Images
JPMorgan Chase On Tuesday, it beat analyst estimates for third-quarter results as investment and commercial banking generated nearly $700 million more in revenue than expected.
Here is what the company said:
- Earnings per share: US$5.07 versus US$4.84 according to LSEG estimates
- Revenues: $47.12 billion versus $45.4 billion expected
The bank said profits jumped 12% to $14.39 billion, or $5.07 per share, compared to the previous year. Revenue rose 9% to $47.12 billion.
So far this year, the largest U.S. banks have benefited under President Donald Trump’s administration.
They reaped higher trading revenues as the turmoil caused by his trade policies roiled markets around the world, forcing investors to reposition themselves. Investment bankers have become busier thanks to a more relaxed stance toward mergers, and Trump-era bank regulators have proposed ways to ease capital requirements and stress tests.
Moreover, stock market indices reaching or near record levels also bode well for the wealth management divisions of banks including JP Morgan and JPMorgan. Goldman Sachs and Morgan Stanley.
As a result, major banks outperformed regional banks; The KBW Bank Index is up about 15% this year, while the KBW Regional Banking Index is down about 1%.
goldman, Citigroup and Wells Fargo Also Tuesday’s earnings report, with Bank of America and Morgan Stanley Announcement of results on Wednesday.
This story is evolving. Please check back for updates.
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