JPMorgan Chase President and CEO Jamie Dimon speaks on CNBC’s “Squawk Box” at the World Economic Forum’s annual meeting in Davos, Switzerland, January 17, 2024.
Adam Galici | CNBC
JPMorgan ChasIt plans to report first-quarter results before the opening bell on Friday.
Here’s what Wall Street expects:
- Merits: According to LSEG, $4.11 per share
- Revenue: According to LSEG, $41.85 billion
- Net interest income: According to StreetAccount, $23.18 billion
- Trading revenue: According to StreetAccount, fixed income securities totaled $5.19 billion and equities totaled $2.57 billion
JPMorgan is being watched closely for clues about how banks fared earlier in the year.
While the largest U.S. bank by assets has managed the interest rate environment well since the Federal Reserve began raising interest rates two years ago, smaller competitors have suffered profit losses.
The industry was forced to pay up for deposits as customers shifted cash into higher-yielding instruments, putting pressure on margins. Concern is also growing about rising losses on commercial loans, particularly on office buildings and apartment buildings, as well as higher levels of credit card delinquencies.
Still, the big banks are expected to outperform the smaller ones this quarter, and expectations are high for JPMorgan. Analysts expect the bank may raise its 2024 net interest income forecast as the Federal Reserve is forced to maintain interest rate levels amid stubborn inflation data.
Analysts will also want to know what CEO Jamie Dimon has to say about the economy and the industry’s efforts to fight back against efforts to cap credit card and overdraft fees.
According to Dealogic, Wall Street could get some help this quarter as investment banking fees for the industry rose 11% compared to last year.
JPMorgan shares have risen 15% this year, outpacing the KBW Bank Index’s 3.9% gain.
Wells Fargo And Citigroup are expected to release the results later on Friday Goldman Sachs, Bank of America And Morgan Stanley report next week.
This story is developing. Please check back for updates.
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2024-04-12 04:01:01
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