{"id":112045,"date":"2021-04-14T13:01:52","date_gmt":"2021-04-14T13:01:52","guid":{"rendered":"https:\/\/fin2me.com\/?p=112045"},"modified":"2021-04-14T13:01:52","modified_gmt":"2021-04-14T13:01:52","slug":"jpmorgan-profit-leaps-after-reserve-release-boost","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/jpmorgan-profit-leaps-after-reserve-release-boost\/","title":{"rendered":"JPMorgan profit leaps after reserve release boost"},"content":{"rendered":"

(Reuters) -JPMorgan Chase & Co\u2019s earnings jumped almost 400% in the first quarter, blowing past estimates as the largest U.S. bank released more than $5 billion in reserves it had set aside to cover coronavirus-driven loan defaults.<\/p>

FILE PHOTO: A J.P. Morgan logo is seen in New York City, U.S., January 10, 2017. REUTERS\/Stephanie Keith\/File Photo<\/figcaption>

The bank, widely seen as a barometer of the health of the broader U.S. economy, said consumer spending in its businesses had returned to pre-pandemic levels and was up 14% versus the first quarter of 2019.<\/p>\n

The results, helped by favorable comparisons to last year, also gained from a 57% jump in investment banking revenue.<\/p>\n

While the largest U.S. bank saw profits crimped last year with the economic effects of the pandemic, investors are optimistic that a recovery this year on the back of President Joe Biden\u2019s $1.9 trillion stimulus package and widespread vaccinations could restore normalcy.<\/p>\n

\u201cWe believe that the economy has the potential to have extremely robust, multi-year growth,\u201d Chief Executive Officer Jamie Dimon said in a statement. \u201cOur credit reserves of $26 billion are appropriate and prudent, all things considered.\u201d<\/p>\n

The bank\u2019s net income rose to $14.3 billion, or $4.50 per share, in the quarter ended March 31, from $2.9 billion, or 78 cents per share, a year earlier.<\/p>\n

Analysts on average had expected earnings of $3.10 per share, according to Refinitiv.<\/p>\n

Revenue jumped 14% to $33.1 billion.<\/p>\n

JPMorgan changed its full-year outlook, saying it expects expenses to be slightly higher and net interest income to be lower. Revenue-related expenses rose in the first quarter, while interest rates remained near historic lows.<\/p>\n

Investment banking revenue surged to $2.9 billion on record levels of capital markets activity, fueled largely by a surge in initial public offerings by special purpose acquisition companies.<\/p>\n

Wall Street\u2019s boom has also been driven by record volumes of fundraising, debt refinancings, convertible bond deals and stock sales.<\/p>\n

During the quarter, JPMorgan overtook investment banking powerhouse Morgan Stanley to become the banking world\u2019s second biggest provider of worldwide M&A advisory, according to Refinitiv. The league tables rank financial services firms by the amount of M&A fees they generate. Goldman Sachs continues to lead the rankings.<\/p>\n

Global investment banking fees hit an all-time record during the March quarter, according to data from Refinitiv, and banks like JPMorgan made the most of the dealmaking boom.<\/p>\n

JPMorgan\u2019s trading desks also trumped expectations, helped by the retail trading frenzy that has driven unprecedented rallies in \u201cmeme stocks\u201d including GameStop since January.<\/p>\n

Overall trading revenue rose 37% to $10.1 billion, with bond trading up 15%. Equity markets revenue jumped 47%.<\/p>\n

JPMorgan\u2019s shares were down 0.7% in pre-market trading.<\/p>\n

Goldman Sachs Group Inc also beat Wall Street estimates with its profit report on Wednesday, with Wells Fargo & Co reporting later in the morning.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) -JPMorgan Chase & Co\u2019s earnings jumped almost 400% in the first quarter, blowing past estimates as the largest U.S. bank released more than $5 […]<\/p>\n","protected":false},"author":3,"featured_media":112044,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nJPMorgan profit leaps after reserve release boost - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/jpmorgan-profit-leaps-after-reserve-release-boost\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JPMorgan profit leaps after reserve release boost - Fin2me\" \/>\n<meta property=\"og:description\" content=\"(Reuters) -JPMorgan Chase & Co\u2019s earnings jumped almost 400% in the first quarter, blowing past estimates as the largest U.S. bank released more than $5 [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/jpmorgan-profit-leaps-after-reserve-release-boost\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-14T13:01:52+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/04\/JPMorgan-profit-leaps-after-reserve-release-boost.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/jpmorgan-profit-leaps-after-reserve-release-boost\/\",\"url\":\"https:\/\/fin2me.com\/business\/jpmorgan-profit-leaps-after-reserve-release-boost\/\",\"name\":\"JPMorgan profit leaps after reserve release boost - 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