JPMorgan Chase & Co CEO Jamie Dimon arrives for a Senate Banking, Housing, and Urban Affairs Committee hearing on Capitol Hill September 22, 2022 in Washington, DC.
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JPMorgan Chase on Tuesday topped analysts’ estimates for third quarter results as trading and investment banking generated about $700 million more revenue than expected.
Here’s what the company reported:
- Earnings per share: $5.07 vs. $4.84 LSEG estimate
- Revenue: $47.12 billion vs. expected $45.4 billion
The bank said profit jumped 12% to $14.39 billion, or $5.07 per share, from a year earlier. Revenue rose 9% to $47.12 billion.
So far this year, the biggest American banks have benefitted under the administration of President Donald Trump.
They’ve reaped higher trading revenue as upheaval from his trade policies has roiled markets around the world, forcing investors to reposition themselves. Investment bankers are busier thanks to a more relaxed stance toward mergers, and Trump’s bank regulators have proposed ways to ease capital requirements and stress tests.
On top of that, stock market indices that are at or near record levels also bode well for the wealth management divisions of banks including JPMorgan, Goldman Sachs and Morgan Stanley.
As a result, big banks have outperformed regional lenders; the KBW Bank Index has climbed nearly 15% this year, while the KBW Regional Banking Index has dropped roughly 1%.
Goldman, Citigroup and Wells Fargo also report earnings Tuesday, with Bank of America and Morgan Stanley releasing results Wednesday.
This story is developing. Please check back for updates.
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