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JPMorgan Chase & Co. (JPM)

  • Apr. 29, 2013, 10:26 AM
    Citigroup's (C) reluctance to pare its mortgage assets at fire-sale prices could pay off, says KBW, as it now stands to greatly benefit from rising home prices. It's a flow vs. stock argument as Citi - compared to WFC, JPM, or USB - does a relatively small amount of (now under profit-pressure) mortgage origination volume, but still has loads of questionable paper on its books. Also positioned to benefit is BAC.
    | Apr. 29, 2013, 10:26 AM | 3 Comments
  • Apr. 28, 2013, 8:58 PM
    A top JPMorgan (JPM) executive leaves the company, marking the ninth high profile departure in the past eighteen months. Co-chief operating officer Frank Bisignano, a long-time associate of Jamie Dimon, will become chief executive of First Data Corp. in Atlanta, WSJ says. Matt Zames, who helped clean up the chief investment office after last year's $6B trading blunder, is promoted to sole COO.
    | Apr. 28, 2013, 8:58 PM | Comment!
  • Apr. 24, 2013, 3:58 PM
    Richard Pzena (PZN) - still heavily overweight financials (XLF) and mature tech (XLK) - makes his case for global banks in today's earnings call (transcript): With capital levels of 11-13% at JPM, C, and BCS double what they were pre-crisis, will regulators allow banks to earn a decent return on said capital? A definite "yes," says Pzena, seeing no reason demand for financial products won't continue to grow faster than GDP, and noting bank managers' "laser-like focus" on improving returns. An average price-to-book ratio of 0.7x combined with a modest ROE of 12-13% suggests fair value more than double current prices.
    | Apr. 24, 2013, 3:58 PM | Comment!
  • Apr. 18, 2013, 5:08 AM
    Italian police have visited JPMorgan (JPM) offices in Milan as part of an investigation into the acquisition by troubled bank Monte dei Paschi di Siena of rival Antonveneta in 2007. The police were "carrying out a (court) order to provide documents," a source says.
    | Apr. 18, 2013, 5:08 AM | 1 Comment
  • Apr. 17, 2013, 1:38 PM
    "Too little has been changed to avoid a repeat of the problem," says the Boston Fed's Eric Rosengren, arguing banks with broker-dealer units continue to hold too little capital. "The status quo represents an ongoing financial stability risk." The largest ones still standing are MS, UBS, GS, C, DB, CS, BAC, BCS, and JPM, and each of the U.S. ones passed the Fed stress test and are returning capital.
    | Apr. 17, 2013, 1:38 PM | 5 Comments
  • Apr. 15, 2013, 4:28 PM
    JPMorgan (JPM) is reportedly set to be pinned by regulators for failing to conduct adequate due diligence and report suspicious activity in its dealings as Bernie Madoff's main bank for two decades. The OCC will likely this year issue a cease-and-desist order to have the bank correct failings in its anti-money laundering practices.
    | Apr. 15, 2013, 4:28 PM | 3 Comments
  • Apr. 15, 2013, 12:28 PM
    The Brown/Vitter bill being rolled out in Congress is essentially Armageddon to the TBTF banks, says Goldman, seeing it as mandating another $1.1T in equity for the banking system. Banks would need 12 years of earnings to build this amount organically, though the bill would give just 5 - say goodbye to lending. Break up the banks? BAC, C, JPM, and WFC all have multiple divisions with more than $400M in assets - the level at which the bill gets tough on lenders.
    | Apr. 15, 2013, 12:28 PM | 22 Comments
  • Apr. 12, 2013, 9:11 AM
    Expect continued net interest margin compression for the rest of this year, says JPMorgan (JPM -0.9%) CFO Marianne Lake on the earnings call. Asked about new movement on bank regulation, Jamie Dimon says it's time to "declare victory and stop eating our young." (presentation)
    | Apr. 12, 2013, 9:11 AM | Comment!
  • Apr. 12, 2013, 7:35 AM
    More on JPMorgan (JPM) Q1 earnings: Is the mortgage cow fully milked? Mortgage originations of $52.7B, up 3% sequentially, up 37% Y/Y. Mortgage pretax income fell 43% Y/Y thanks to narrowing margins (expected across the industry). Mortgage application volumes down 8% sequentially, up 1% Y/Y. Book value/share of $52.02 vs. current price of $49.10. Conference call set for 8:30 ET. (presentation) (supplement) Stock now off 0.4% premarket. (PR)
    | Apr. 12, 2013, 7:35 AM | Comment!
  • Apr. 12, 2013, 7:14 AM
    More on JPMorgan (JPM) Q1 earnings: Earnings received an $0.18 benefit from reduced loan loss reserves in mortgages and credit cards, but the business of banking - loan growth - slowed "across the industry," says Jamie Dimon. Consumer & Community banking revenues off 6% Y/Y. Commercial Banking revenue about flat Y/Y. Basel Tier 1 equity ratio of 10.2%. Dividend hike in Q2 to $0.38 from $0.30. Bank bought back $2.6B in stock in Q1, with an additional $6B authorized over next year. Shares -1% premarket. (PR)
    | Apr. 12, 2013, 7:14 AM | Comment!
  • Apr. 12, 2013, 7:00 AM
    JPMorgan Chase (JPM): Q1 EPS of $1.59 beats by $0.21. Revenue of $25.8B misses by $0.07B. (PR)
    | Apr. 12, 2013, 7:00 AM | 5 Comments
  • Apr. 12, 2013, 6:00 AM
    A break-up of the big banks is on the minds of none other than analysts at the banks themselves. Wells Fargo reckons shareholders might "intensify demands" for it, especially as the likes of Bank of America (BAC), Citigroup (C) and JPMorgan (JPM) trade at discounts of 25-30% to more-focused rivals. JPM's analysts have questioned the viability of running an investment bank "as part of a universal banking business."
    | Apr. 12, 2013, 6:00 AM | 7 Comments
  • Apr. 12, 2013, 12:05 AM
    Notable earnings before Friday’s open: JPM, SJR, WFC
    | Apr. 12, 2013, 12:05 AM | Comment!
  • Apr. 11, 2013, 5:30 PM
    Notable earnings before Friday’s open: JPM, SJR, WFC
    | Apr. 11, 2013, 5:30 PM | 1 Comment
  • Apr. 10, 2013, 3:21 PM
    Jamie Dimon calls the London Whale fiasco "the stupidest and most embarrassing situation I have ever been a part of," in his annual letter to shareholders, a far cry from calling the incident "a tempest in a teapot." It's all about damage control as Dimon seeks to avoid losing his chairmanship ahead of next month's shareholder meeting. 
    | Apr. 10, 2013, 3:21 PM | 2 Comments
  • Apr. 9, 2013, 6:43 PM
    A Goldman Sachs note helps explain some of the recent weakness in big bank stocks and adds a warning signal: Banks that gain more than 10% in Q1 usually give back nearly all those profits in Q2 when future earnings estimates begin falling. Goldman's top concern heading into Q1 earnings is that "lackluster fundamentals could lead to a negative EPS revision cycle (which has been the trend the past few years)."
    | Apr. 9, 2013, 6:43 PM | 5 Comments
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