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JPMorgan Chase & Co. (JPM)

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  • 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)
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  • 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)
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  • 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, 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, 12:05 AM
    Notable earnings before Friday’s open: JPM, SJR, WFC
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  • Apr. 11, 2013, 5:30 PM
    Notable earnings before Friday’s open: JPM, SJR, WFC
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  • 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. 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, 11:29 AM
    Banks this Friday will begin making payments to ~4.2M borrowers whose homes were in any stage of foreclosure in 2009-10. The payments, which will range from $300 to $125K, are compensation for the robo-signing scandal when bank employees said foreclosure documents were correct without reviewing them. Part of the settlement: BAC, C, GS, HBC, JPM, MET, MS, PNC, SAN, STI, USB, WFC.
  • Apr. 9, 2013, 9:48 AM
    JPMorgan Chase (JPM) will lead big U.S. banks in job cuts with 17K expected through 2014, according to Bloomberg, after the six largest U.S. banks announced cuts to 1.8%, or 21K positions, during Q1. The housing rebound means many of the cuts will come in foreclosure units. Banks may tell more about their personnel plans starting this Friday when JPM and Wells Fargo (WFC) report Q1 results.
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  • Apr. 8, 2013, 4:44 PM
    JPMorgan (JPM) announces the redemption of about $5B in trust preferred stock. Banks have been in the process of redeeming this high-yielding paper for several months as new capital rules no longer allow it to be counted as equity in capital calculations. (PR)
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  • Apr. 8, 2013, 11:23 AM
    Stripping CEO Jamie Dimon of his chairman role at JPMorgan (JPM) is likely to hasten his retirement from the bank, writes Charles Peabody, and shareholders might find the stock losing its premium valuation. "Is there someone with Mr. Dimon's talents capable of stepping into the breach?"
  • Apr. 7, 2013, 4:19 AM
    A bipartisan Senate bill would force all banks to hold capital of 10% and those with over $400B in assets an extra 5%. The strictest provisions would hit six banks: JPMorgan (JPM), BofA (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS). Analysts reckon the bill has little chance of becoming law, although its authors reckon support for the measures are growing.
  • Apr. 6, 2013, 7:29 PM
    Next month, shareholders will decide whether to support a proposal to strip Jamie Dimon of his chairmanship (I, II, III). Supporters of the plan to split the CEO and chairman roles will lobby major shareholders prior to May's JPMorgan (JPM) shareholder meeting, while Dimon's supporters have already engaged large JPM shareholders such as Blackrock, T. Rowe Price, and Vanguard. "I can't think of another company where independent board leadership would be a more useful correction for CEO hubris," says AFL-CIO's head of investment Brandon Rees. 
  • Apr. 5, 2013, 7:37 AM
    JPMorgan (JPM) is upgraded to Buy with $55 price target at Evercore Partners which says the bank has the cheapest valuation among the TBTFs. Shares -0.6% premarket as the broader market looks set to tumble at the open.
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  • Apr. 5, 2013, 12:45 AM
    According to WSJ, JPMorgan (JPM) has lost its chairman of Asian equity capital markets as Kester Ng, a 20-year investment banking veteran, leaves the industry. Ng worked at JPM for seven years. 
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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