Excluding a number of extraordinary charges and gains, Q4 EPS was $1.40 vs. the headline $1.30, consensus $1.33, and $1.35 a year ago. Among those items is a $1.1B or $0.27 per share charge for legal expenses, including the most recent settlement for the Madoff case. Revenue of $24.1B was off 1% from a year ago.
Consumer & Community Banking net income of $2.4B up 19% Y/Y on revenue of $11.3B, off 8%. Net interest income of $7.1B is off 3% on continuing spread compression. Noninterest revenue of $4.3B is off 17% thanks to slow mortgage business (originations of $23.3B fell 54% from last year). Boosting the unit, though, is the provision for credit losses - just $72M vs. $1.1B a year ago. Noninterest expense of $7.3B off 8% Y/Y thanks to lower mortgage servicing costs.
Corporate & Investment Bank net income of $858M off 57% Y/Y or revenue of $6B off 21% thanks to an accounting change and the DVA. Banking revenue of $3B is off 4%. Investment banking fees of $1.7B off 3% - led by lower fixed income underwriting fees of $801M off 19%.
CC at 8:30 ET
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