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Jul. 14, 2015, 9:35 AM
- Trading has become a much more stable business for the bank, says JPMorgan (JPM +0.5%) CEO Jamie Dimon, speaking on the conference call. "We've had only a handful of trading loss days." CFO Marianne Lake says it's too early to say how Q3 trading revenue is faring, but sounds somewhat optimistic given the tumult surrounding Greece, China, and Puerto Rico. "We generally do well in more difficult markets."
- Webcast and presentation slides
- Core loans are are growing across most of the bank's categories, says Lake, with mortgage lending growing the fastest. The most challenging area is middle market lending ... "Everyone is chasing that sector."
- Responding to a question about branch footprint (it's been shrinking), Dimon says "We are thinking about attacking a new city in a major way."
- Previously: Cost controls help push JPMorgan to bottom-line beat (July 14)
- Previously: JPMorgan Chase beats by $0.10, misses on revenue (July 14)
Jul. 14, 2015, 7:32 AM
- Q2 net income of $6.29B or $1.54 per share vs. $5.914B and $1.45 in Q1, $5.98B and $1.46 one year ago. ROTCE of 14%, flat from Q1 and from one year ago. Total noninterest expense of $14.5B drops from $14.9B in Q1 and $15.4B a year ago.
- Tangible book value per share of $46.13 up 7% Y/Y. Basel III CET1 ratio of 11%.
- Consumer & Community Banking net income of $2.5B up a hair from one year ago on revenue of $11B down from $11.5B. Net interest income of $6.9B down 2% as spreads continue to compress. Mortgage banking net income of $584M down 20%. Noninterest expense of $6.2B down from $6.5B.
- Corporate & Investment Bank net income of $2.3B vs. $2.1B a year ago, on revenue of $8.7B vs. $9.3B. Adjusting for business simplification and Markit IPO gain, markets revenue fell 1%, and fixed income markets revenue fell 10%. Equity markets revenue gained 27%.
- Commercial Banking net income of $525M down form $677M a year ago. Asset Management net income of $451M vs. $569M. AUM of $1.8T up 4%.
- Conference call at 8:30 ET
- Previously: JPMorgan Chase beats by $0.10, misses on revenue (July 14)
- JPM +0.8% premarket
Jul. 14, 2015, 7:00 AM
- JPMorgan Chase (NYSE:JPM): Q2 EPS of $1.54 beats by $0.10.
- Revenue of $24.53B (-3.2% Y/Y) misses by $800M.
Jul. 14, 2015, 4:49 AM
- The nation's largest banks report their second-quarter results this week, beginning with JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) today.
- Bank of America (NYSE:BAC) and Goldman Sachs (NYSE:GS) are due to report later in the week, along with private equity firm Blackstone (NYSE:BX) and asset manager BlackRock (NYSE:BLK).
- Despite the stable economy in the U.S., analysts are expecting relatively ho-hum results.
Jul. 13, 2015, 5:30 PM
Jul. 8, 2015, 7:49 AM
Jul. 7, 2015, 8:55 PM
- JPMorgan Chase (NYSE:JPM) has agreed to pay at least $125M to settle investigations by U.S. state and federal authorities that it sought to improperly collect and sell consumer credit card debt, Reuters reports.
- The U.S. Consumer Financial Protection Bureau, 47 states and D. C. are expected to announce the settlements as soon as tomorrow, with the states splitting ~$95M and the CFPB getting ~$30M, according to the report.
- JPM has been accused of relying on robo-signing and other ways of going after consumers for debts they may not have owed and for providing inaccurate information to debt buyers.
Jul. 6, 2015, 4:41 PM
- Last year, the Fed and FDIC found most of wind-down plans submitted by twelve of the largest U.S. banks (or U.S. units of overseas banks) had numerous deficiencies, and sent the lenders back to the drawing board.
- The two government agencies today posted public sections of the latest versions of the living wills, and said they will begin reviewing. Feedback is expected before year-end.
- The lucky 12: BAC, BK, C, GS, JPM, MS, STT, UBS, WFC, BCS, CS, DB.
Jul. 6, 2015, 4:31 PM
Jul. 6, 2015, 3:59 PM
- Former director of enforcement for the SEC Stephen Cutler may have had the busiest job in banking since joining JPMorgan (NYSE:JPM) as its general counsel in 2007. With the long hours and never-ending string of settlements taking too much of a toll, Cutler is moving on to become the bank's vice chairman next year.
- He'll be replaced by Stacey Friedman, who joined JPMorgan three years ago from Sullivan & Cromwell.
Jul. 6, 2015, 1:31 PM
- It was a rough start to the year for the financial sector, but at about the mid-point of 2015, the XLF is ahead 9.7%, easily outpacing the S&P 500's 1.8% rise.
- Calling U.S. Treasury yields "considerably more resilient" today than in 2012 thanks to the strength of the economy, Erika Najarian and team don't expect the Greek crisis to impact the 10-year yield or the timing of the first Fed rate hike.
- The bottom line, says Najarian, is to expect continued rotation into the financial names, with solid loan performance in Q2 a catalyst on top of the improved interest rate picture.
- Najarian and team are sticking with their Buy-list of rate-sensitive names: JPMorgan (NYSE:JPM), Wells Fargo (NYSE:WFC), Comerica (NYSE:CMA), KeyCorp (NYSE:KEY), Regions Financial (NYSE:RF), SVB Financial (NASDAQ:SIVB), East West Bancorp (NASDAQ:EWBC), and Texas Capital Bancshares (NASDAQ:TCBI).
- ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, SEF, IYG, FXO, FNCL, FINU, RWW, RYF, FINZ
Jul. 2, 2015, 6:42 PM
- An Italian regulatory filing shows that J.P. Morgan (JPM -0.9%) has a 7% stake in Telecom Italia (TI -0.9%) -- the result, for now, of an equity swap deal with Telefonica (TEF +0.4%).
- The Spanish provider issued a €750M exchangeable bond, maturing in 2017, that converts into TI shares, and did a total return equity swap with J.P. Morgan giving it the TI stake.
- Telefonica will reclaim the shares from the bank, though, at maturity, and give them to the bond's investors.
Jun. 25, 2015, 3:54 AM
- JPMorgan (NYSE:JPM) is in talks with the Securities and Exchange Commission to settle a probe into whether the bank inappropriately steered its private-banking clients toward its own investment products, WSJ reports.
- JPMorgan said in a regulatory filing last month that other government authorities have also sought information about the bank's use of proprietary products in its wealth-management business.
- A settlement including a fine could happen as early as this summer.
Jun. 24, 2015, 3:00 PM
- Brian Truesdale is coming over from Deutsche Bank and marks the first new hire in tech coverage for JPMorgan (NYSE:JPM) since Michael Millman became head of North American tech banking in September.
- Truesdale - who worked on deals such as SAP's $8.3B purchase of Concur Technologies - will be advising tech companies and P-E firms.
- JPMorgan also recently brought in a new M&A banker for Internet companies from Citigroup, and a new head of private-stock placements from Barclays.
Jun. 24, 2015, 11:58 AM
- The corporate brokerage business can be considered sort of a loss-leader, as banks do the work for minimal fees in the expectation of winning more lucrative investment banking business.
- Credit Suisse (NYSE:CS) had been the broker to Barclays for 25 years, but the business was put up for grabs amid a review of bank performance by new Chairman John McFarlane. Already Barclays' top adviser for M&A globally, JPMorgan (NYSE:JPM) won the mandate, also beating out Bank of America, Goldman Sachs, and UBS.
Jun. 19, 2015, 7:51 AM
- Goldman Sachs (NYSE:GS) has been hired to replace JPMorgan (NYSE:JPM) as the U.K. government's adviser for the privatization of Royal Bank of Scotland (NYSE:RBS), reports Bloomberg.
- JPMorgan was hired in 2013 with the expectation that the role would come up for review from time to time.
- The government owns about 79% of RBS.
- Goldman's winning of the business comes as the bank bids for more than $20B in mortgages being sold by U.K. Asset Resolution, Ltd. JPMorgan bought about $4B in mortgages from the operation late last year.
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