JPMorgan Chase & Co.

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  • Jul. 12, 2013, 3:07 PM

    The usual suspects in the banking fraternity are the subject of another class-action suit over price-fixing in the CDS market, with the plaintiffs in this case being 4 Danish pension funds. The case was filed in federal court in Illinois, the same locale as a similar complaint logged in May by a labor union. Across the pond, the EU this month filed their own charges. Banks named: BAC, BCS, C, CS, DB, GS, HBC, JPM, MS, RBS, UBS, BNPQY.PK.

    | Jul. 12, 2013, 3:07 PM | 5 Comments
  • Jul. 12, 2013, 9:23 AM

    "We're trying to make clear to you this would be a dramatic reduction in profits," says Jamie Dimon (JPM), responding (earnings call) to a question about mortgage revenue guidance. Mortgage production could drop 40% if rates stay at their current level, says CFO Lake. Earlier, the bank reported originations up 12% from a year ago, but off 7% on a sequential basis.

    | Jul. 12, 2013, 9:23 AM | 5 Comments
  • Jul. 12, 2013, 9:16 AM

    More from the JPMorgan (JPM) earnings call: Addressing NIM - which has previously trickled down, but tumbled in Q2 - CFO Lake notes surging deposit growth led to a $109B increase in cash balance and caused a major chunk of the slide in interest margin (pg. 14). The bank expects NIM to be fairly stable in Q3 with NII up modestly on a Y/Y basis. One may ponder the exit of the London Whale - a key function of his office was to put to work this excess cash. Shares +0.7% premarket.

    | Jul. 12, 2013, 9:16 AM
  • Jul. 12, 2013, 8:50 AM

    JPMorgan (JPM) expects the holding company to be compliant with new capital rules by 2015 Q1 (at the latest), says CFO Marianne Lake, speaking on the CC (presentation slides). Speaking to reporters ahead of the call, Lake calls the Warren-McCain "21st Century Glass Steagall" irrelevant - "(It) didn't have anything to do with the crisis. Investors like the model we have." The stock's at about a 13-year high. Shares +0.35% premarket as the call continues.

    | Jul. 12, 2013, 8:50 AM | 10 Comments
  • Jul. 12, 2013, 7:17 AM

    More on JPMorgan (JPM) Q2 earnings: Q2 income boosted by $0.24/share by reduced loan loss reserves in real estate and credit card portfolios, and cut $0.09/share by increased litigation reserves. Dimon: Net charge-offs in credit cards near historical lows and in real estate are down more than 50% Y/Y. Consumer & Community Banking revenue off 3% Y/Y, with net interest income off 1% (NIM of 2.31% vs. 2.62% a year ago). Noninterest revenue off 7% Y/Y, though mortgage originations up 12% (but off 7% Q/Q). Basel III Tier 1 common ratio of 9.3%. Book value/share of $52.54. CC at 8:30 ET. Shares +0.5% premarket. (PR)

    | Jul. 12, 2013, 7:17 AM | 1 Comment
  • Jul. 12, 2013, 7:00 AM
    JPMorgan Chase (JPM): Q2 EPS of $1.60 beats by $0.16. Revenue of $25.2B beats by $0.36B. (PR)
    | Jul. 12, 2013, 7:00 AM | 1 Comment
  • Jul. 12, 2013, 4:31 AM

    Democratic Senator Elizabeth Warren, Republican counterpart John McCain and two others have introduced the "21st Century Glass-Steagall Act," a reprise of the 1930s law that was repealed in 1999 and that separated traditional banking such as home loans and checking accounts from riskier pursuits like investment banking and trading derivatives. Slogans such as "banking should be boring" and keep "keep the gamblers out of our banks" have a populist ring, but the legislation will face many hurdles.

    | Jul. 12, 2013, 4:31 AM | 74 Comments
  • Jul. 12, 2013, 12:05 AM
    Notable earnings before Friday’s open: INFY, JPM, WFC
    | Jul. 12, 2013, 12:05 AM
  • Jul. 11, 2013, 5:30 PM
    Notable earnings before Friday’s open: INFY, JPM, WFC
    | Jul. 11, 2013, 5:30 PM
  • Jul. 11, 2013, 3:12 PM

    Bank of America (BAC) is best-positioned to take advantage of wider net interest spreads and expense cuts, according the Morgan Stanley's Betsy Graseck, in a preview of Q2 earnings (underway tomorrow with JPMorgan and Wells Fargo). Next on the list of those expected to beat estimates are Capital One (COF), PNC Financial, and JPMorgan (JPM). Three names set to disappoint: Citigroup (C), Goldman Sachs (GS), and BNY Mellon (BK).

    | Jul. 11, 2013, 3:12 PM | 1 Comment
  • Jul. 10, 2013, 1:22 PM

    If you've got to buy a bank, says KBW's Chris Mutascio, make it JPMorgan (JPM) for its relative undervaluation, but the banking sector (KBE -1.4%) overall is overvalued. The recent run-up in regional shares (KRE -1.2%) on the belief they stand to benefit most from higher rates is particularly misguided, he says. Banks are far more levered to short rates which haven't budged. Bullet-proof of late, regionals are being sold today: Huntington (HBAN -3.1%), New York Community (NYCB -1.1%), BB&T (BBT -1.1%), PNC Financial (PNC -2.8%), First Niagara (FNFG -2.5%), Synovus (SNV -3.4%), People's (PBCT -1.6%), Comerica (CMA -2.7%), U.S. Bancorp (USB -1%).

    | Jul. 10, 2013, 1:22 PM | 3 Comments
  • Jul. 9, 2013, 4:14 PM
    Ally Financial drops JPMorgan from the list of underwriters for its planned IPO, according to an amended S-1. Owners of JPMorgan (JPM) may not be too disappointed as the U.S. Treasury likes its underwriting fees discounted, paying less than 1% on the stock sales of GM and AIG vs. more than 3% for typical equity offerings and 5.5% for IPOs.
    | Jul. 9, 2013, 4:14 PM
  • Jul. 9, 2013, 10:47 AM

    The FDIC looks set to approve dual standards for bank leverage capital ratios of 5% for the holding companies and 6% for the banking units. The 3% minimum set by Basel "would not have appreciably mitigated the growth in leverage" prior to the financial crisis, says FDIC head Martin Gruenberg. The changes will apply to those deemed globally important: JPM, C, WFC, GS, BAC, MS, STT, BK. Set your calendars: The banks have until Jan. 1, 2018 to comply.

    | Jul. 9, 2013, 10:47 AM | 9 Comments
  • Jul. 4, 2013, 3:37 AM

    A court has approved a $546M settlement between JPMorgan (JPM), and James Giddens, the trustee winding down MF's broker-dealer unit MF Global Inc, and the firm's former customers. Under the deal, which was agreed in March, JPMorgan will pay $100M to benefit the clients, give back $29M in brokerage funds, and release claims on $417M it earlier returned to Giddens. JPMorgan had been one of MF Global's primary clearing banks and the lead on a $1.2B revolving credit facility to the firm.

    | Jul. 4, 2013, 3:37 AM
  • Jul. 3, 2013, 1:03 PM

    The results of the first-ever "mid-cycle" stress tests of the big banks are due Friday. Unlike the Fed exams completed in March, these tests are self-administered and based on scenarios of the banks' own choosing. Will any fail themselves? Worth watching are BB&T (BBT) and Ally Financial - both of whom failed the Fed test. Others required to submit: GS, JPM, BAC, BK, AXP, COF, C, FITB, MS, PNC, RF, STT, STI, USB, WFC.

    | Jul. 3, 2013, 1:03 PM | 8 Comments
  • Jul. 2, 2013, 1:05 PM

    Citi's Keith Horowitz lowers Q2 EPS estimates for Goldman Sachs (GS) and Morgan Stanley (MS) as a tough June erases optimism from the start of the quarter. He sees Goldman reporting EPS of $2.70, down from $3.10 previously and against consensus of $2.83. Morgan is cut to $0.42 vs. consensus of $0.45. JPMorgan (JPM) might still surprise to the upside thanks to a boost from lower mortgage loss reserves. His $0.27 forecast for Bank of America (BAC) is ahead of the Street at $0.25, and Lazard (LAZ) at $0.33 is also modestly ahead of consensus.

    | Jul. 2, 2013, 1:05 PM
Company Description
JPMorgan Chase & Co is a financial services firm and a banking institution. its segments are Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset Management.
Sector: Financial
Country: United States