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JPMorgan Chase, America's largest bank reported better than expected Q2 earnings Tuesday before the open. $JPM bond and equity trading revenue surged 79% to a record $9.7 billion. Citbank and Wells Fargo also reported Tuesday.

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 JPMorgan Chase & Co NYSE: JPM · Report Earnings Before Open Tuesday

$1.38 Beat $1.04 EPS Forecast AND $33 Bil  Beat $30.30 Billion Forecast in Revenue

Earnings

JPMorgan Chase & Co (NYSE: JPM) reported secind quarter earnings per share of $1.38 a share, exceeding the $1.04 per share estimate of analysts surveyed by Refinitiv on revenue of $33 billion, compared with the $30.3 billion estimate.

JPM stock had outperformed other big banks over the past year. In the JPMorgan conference call watch for macro expectations and risk given the recent weakness in many asset classes with a focus on costs from the COVID-19 lockdown. Lower interest rates hurt the results also.

JPMorgan Chase & Co NYSE: JPM

Market Reaction $97.15 USD −0.50 (-0.51%)

Highlights

  • Bond traders posted revenue of $7.3 billion, a 120% increase from a year earlier, ahead of the $5.84 billion estimate by almost $1.5 billion.
  • Equities traders posted revenue of $2.4 billion, ahead of the $2.07 billion estimate. 
  • JPM set aside $8.9 billion for expected loan losses across the firm
  • The retail banking division, however, posted a $176 million loss, compared with a $4.2 billion profit a year earlier, driven by the addition of loan loss reserves.

“Despite some recent positive macroeconomic data and significant, decisive government action, we still face much uncertainty regarding the future path of the economy,” CEO Jamie Dimon said.

JPMorgan Chase Q2 2020 earnings

Outlook

“Despite some recent positive macroeconomic data and significant, decisive government action, we still face much uncertainty regarding the future path of the economy,” CEO Jamie Dimon said in the release. “However, we are prepared for all eventualities as our fortress balance sheet allows us to remain a port in the storm.”

JPM CEO Jamie Dimon is also chairman of the Business Roundtable for the Trump administration.

Source: JPM, AlphaStreet

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