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JPMorgan Chase & Co. (JPM)

  • Today, 7:55 AM
    • JPMorgan (NYSE:JPM) chief Jamie Dimon made this weekend's Barron's cover, with the accompanying article by Andrew Bary suggesting a 30% rise could be in the cards this year.
    • The stock's higher by 1.25% prermarket.
    • Previously: Barron's: JPMorgan could rise more than 30% (March 28)
    | Comment!
  • Tue, Mar. 17, 11:10 AM
    • A possible harbinger of things to come next month when the big banks report Q1 earnings, profits at Jefferies plunged in FQ1 (ended Feb. 28), with FICC, capital markets, and investment banking particularly weak.
    • Previously: Poor results at Jefferies sinks Leucadia (March 17)
    • Jefferies parent Leucadia is lower by 3.7%. Goldman Sachs (GS -1.1%), Morgan Stanley (MS -0.9%), JPMorgan (JPM -1.2%), Citigroup (C -0.1%), Bank of America (BAC -0.8%).
  • Thu, Mar. 12, 12:47 PM
    • Citigroup's (C +2.7%) $7.8B in buybacks was 10% higher than estimated by MKM analyst David Trone. Combined with the nickel dividend, that's total shareholder returns of $8.4B vs. his $7B expectation.
    • Bank of America (BAC -1%) - though given just conditional approval - is set for $4B in buybacks and a nickel dividend. That's a total return of $6.1B vs. Trone's $3.1B estimate. Trone notes the bank can proceed with its buyback prior to resubmitting plans.
    • JPMorgan's (JPM +1%) $6.4B buyback was shy of Trone's $7B estimate, but the 10% dividend increase was better than forecast. The total capital return of $12.9B vs. his $13.2B forecast is a "marginal negative."
    • The dividend hike to $0.65 at Goldman (GS +2.1%) beat Trone's expectation of $0.62. As for the buyback, Goldman's policy of not disclosing the amount remains in place.
    • Morgan Stanley's (MS +4.5%) capital return of $4.3B is more than double Trone's $1.9B estimate.
    • Source: Benzinga
  • Wed, Mar. 11, 5:07 PM
    • After passing the CCAR with its resubmitted capital plan (the first submission ended up too close to the 5% minimum capital threshold), JPMorgan (NYSE:JPM) announces its intention to boost the quarterly dividend to $0.44 per share from $0.40, effective Q2. The buyback will be for up to $6.4B of stock between through the end of 2016 Q2.
    • Source: Press Release
    • Shares -0.6% after hours
    • Previously: More CCAR: Goldman, Morgan Stanley, and JPMorgan pass after resubmissions (March 11)
  • Wed, Mar. 11, 4:44 PM
    • Goldman's Sachs' (NYSE:GS) first score of 5.8% was only marginally ahead of the 5% threshold, but the resubmitted capital plan came in at 6.4%
    • Morgan Stanley (NYSE:MS) was 5.9% on both tests, so one wonders what changed. The company has announced a $3.1B buyback through the end of 2016 Q2 as well as a boost in the quarterly dividend to $0.15 per share from $0.10.
    • JPMorgan (NYSE:JPM) lifted its score from a barely scraping by 5% to 5.5%.
    • There's no word yet on the details of Goldman's or JPMorgan's plans.
    • GS +0.9%, MS +1.8%, JPM +0.1% after hours.
    • Previously: BofA must resubmit capital plan; Deutsche and Santander rejected (March 11)
    • CCAR results
  • Tue, Feb. 24, 3:50 PM
    • No Goldman analyst is going to force JPMorgan (JPM +2.7%) out of investment banking, says Jamie Dimon, wrapping up his bank's investor day. Dimon is referring to a report from Goldman Sachs earlier this year which suggested JPMorgan is trading at a 20% "conglomerate discount," a spread which could be narrowed by breaking the bank up into two or four parts.
    • JPMorgan's management's unwavering view that bigger is better has been a recurring theme throughout today's presentations. JPMorgan may be big, says Dimon, but it's no conglomerate.
    • Dimon does however acknowledge the regulatory headwinds to getting bigger, and any growth will surely be organic.
    • "P/E ratio has always been wrong, just like the cost of equity has always been wrong, and the market is always wrong," says Dimon, not too worried about his bank's supposed premium valuation compared to the other TBTFs.
    • "I know it's only 3:30, but you are welcome to start drinking," he says in conclusion.
    • Investor day webcast and presentations
  • Tue, Feb. 24, 12:55 PM
    • JPMorgan's (JPM +2.6%) corporate & Investment bank is set to post year-over-year gains in trading revenue, says unit CEO Daniel Pinto, presenting at the bank's investor day.
    • Webcast and presentations
    • The forecast is particularly notable because investment bankers for nearly the last year have been using such stages to lower expectations for FICC revenue. Either things are getting better or banks now are beginning to go up against really easy comparisons.
    • Earlier this month, Goldman CEO Lloyd Blankfein expressed similar optimism about his bank's Q1 results.
    • Previously: JPMorgan investor day: Bigger is better (Feb. 24)
    | 1 Comment
  • Tue, Feb. 24, 11:41 AM
    • "Scale has always defined the winner in banking," says CFO Marianne Lake, who spent a sizable portion of her presentation time explaining why JPMorgan (JPM +2.5%) should not be broken up. The bank, she says, generates $18B per year in synergies as one unit - $15B from added revenues from sales across different units, and $3B in cost savings.
    • Investor day webcast and presentations
    • Of course, this doesn't preclude the Bank of Dimon from shrinking some of its businesses in order to ease capital requirements, with case-in-point today's announcement to reduce certain institutional deposits by up to $100B by year-end. The move comes as perverse new federal rules basically penalize banks for holding excess deposits over worry about their quick exit during another financial crisis.
    • Investors are liking the news, bidding up JPMorgan today more than any of the other TBTF banks.
    • Previously: JPMorgan to announce deposit fees for big clients (Feb. 24)
  • Wed, Feb. 18, 2:49 PM
    • The financial sector had begun to turn around a dismal start to the year as February brought forth a string of hawkish Fed heads suggesting a June rate hike, but the XLF is lower by 0.8% after just-released FOMC minutes suggest markets and the hawks are getting ahead of themselves. KBE -1.7%, KRE -2%
    • The TBTFs: BofA (BAC -2.2%), JPMorgan (JPM -1.4%), Wells Fargo (WFC -1.6%), Ciitgroup (C -0.8%)
    • The regionals: Regions Financial (RF -1.6%), KeyCorp (KEY -1.6%), PNC Financial (PNC -1.3%), BB&T (BBT -1.5%), Fifth Third (FITB -1.6%), SunTrust (STI -1.7%), First Niagara (FNFG -2.1%), M&T (MTB -1.9%), U.S. Bancorp (USB -1.3%), First Horizon (FHN -2.7%).
    • Online brokerage: Schwab (SCHW -2.3%), E*Trade (ETFC -1.7%), Ameritrade (AMTD -1.1%), Interactive Brokers (IBKR -0.9%).
    • Previously: FOMC minutes: June rate hike not a slam dunk yet (Feb. 18)
  • Fri, Feb. 6, 9:50 AM
    • Financials have been mercilessly pounded in 2015 as hopes for higher interest rates looked like they might be dashed yet again, but today's blowout jobs number - firmly putting a June rate hike on the table - has brought in the dip-buyers.
    • The major averages are flat, but the XLF is up 1.4%. The Regional Bank ETF (KRE +2%) and the Bank ETF (KBE +2.1%) are doing even better.
    • Among the yield-starved banking names: Bank of America (BAC +3.1%), JPMorgan (JPM +2.6%), Citigroup (C +2%), Regions Financial (RF +4%), KeyCorp (KEY +3%), PNC Financial (PNC +2.9%), SunTrust (STI +2.3%), Zions (ZION +3.6%), Synovus (SNV +2.3%).
    • Insurers: MetLife (MET +2%), Prudential (PRU +3.2%), Lincoln National (LNC +4.6%). AIG (AIG +1.5%).
    • Trust banks: BNY Mellon (BK +2.7%) State Street (STT +1.9%), Northern Trust (NTRS +2.3%).
    • Online brokers (currently getting killed on money-market fee rebates): Schwab (SCHW +4.5%), TD Ameritrade (AMTD +3.5%), E*Trade (ETFC +2.1%).
  • Wed, Jan. 14, 7:22 AM
    • Q4 included a $990M after-tax legal expense; backing that out, headline EPS would have been $1.54 vs. $1.19 reported and estimates for $1.31.
    • Q4 Consumer & Community Banking net income of $2.179B vs. $2.448B a year ago on revenue of $10.949B vs. $11.439B. Net interest income of $7.1B down marginally from a year ago. Provision for credit losses of $950M vs. just $72M a year ago. Noninterest expense of $6.411B vs. $7.321B thanks to continued job cuts in mortgage banking. Mortgage banking net income of $338M down from $593M a year ago.
    • Corporate & Investment Bank - excluding DVA adjustments - net income of $1.1B vs. $2.2B a year ago on revenue of $7.6B vs. $8.2B. Investment banking fees of $1.8B up 8% Y/Y. Fixed income markets revenue of $2.5B down 23% - excluding business simplification, including the sale of certain operations, fixed income markets revenue fell 14%. Noninterest expense of $5.6B up 14% Y/Y thanks in part to higher legal expense.
    • Commercial Banking net income of $693M vs. $711M a year ago on revenue of $1.770B vs. $1.876B.
    • Asset Management net income of $540M vs. $581M a year ago on revenue of $3.2B, flat from last year.
    • Conference call at 8:30 ET
    • Previously: JPMorgan Chase EPS of $1.19 (Jan. 14)
    • JPM -2.3% premarket
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  • Dec. 10, 2014, 11:12 AM
    • Speaking at the Goldman Sachs financial services conference, JPMorgan (JPM -1.8%) CFO Marianne Lake sees FICC revenue lower by a "high teens" percentage in Q4.
    • Webcast
    • 2015 is shaping up to be "respectable," but will bear more resemblance to 2014 than the bank would like, she adds.
    • Addressing the latest chatter about boosted capital requirements, Lake says it's "reasonable" to assume capital ratios for the largest banks will go to a total of 11.5% - the 7% common equity requirement necessary for most banks, plus the 4.5% boost for the big lenders.
    • At the same conference yesterday:
    • Previously: Banks slip as Moynihan warns on trading activity (Dec. 9, 2014)
    • Previously: Citigroup taking nearly another $3B in legal charges (Dec. 9, 2014)
    | 1 Comment
  • Dec. 9, 2014, 8:52 AM
  • Dec. 5, 2014, 10:06 AM
  • Oct. 14, 2014, 8:58 AM
    • A key component of JPMorgan's (NYSE:JPM) outsized legal expense ($1B after-tax, or $0.26 per share), says CFO Marianne Lake on the earnings call, was related to the investigation over foreign-exchange trading, and in other news this morning, JPMorgan's chief currency trader in London has reportedly exited the bank.
    • Conference call webcast and presentation slides
    • Page 3: Tangible book value per share of $44.13 is up from $39.51 a year ago. Last night's close of $58.16 is 1.32x book.
    • Pages 4-7: Overhead ratio of 56% vs. 62% a year ago, number of branches falls to 5,613 rom 5,652, active mobile customers of 18.351M up from 14.993M. Deposit margin of 2.20% falls 12 basis points Y/Y, but net interest income was higher thanks to 9% growth in deposits. Mortgage originations of $21.2B down from $40.5B.
    • Page 8: FICC revenue - which had been dropping at double-digit Y/Y rates - turns upward, growing 2% from a year ago.
    • Page 10: Asset management net income of $572M up 20% Y/Y. AUM net inflows of $24B.
    • Page 12: Firmwide adjusted expenses are expected to be above $58B this year; net charge-offs should be less than $5B - better than previously forecast.
    • The Q&A begins momentarily.
    • Shares -1.8% premarket
    • Previously: JPMorgan: Interest income and FICC gain
  • Oct. 2, 2014, 7:28 AM
    • Bank of America (NYSE:BAC) is boosted to a Buy with price target raised to $20 from $16.80, while JPMorgan (NYSE:JPM) is cut to a Neutral with $64 price target.
    • BofA's deposit profile means it will be under less pressure than peers to pass along Fed rate boosts to depositors, says UBS. JPMorgan, on the other hand, has a smaller amount of "core deposits" than its peers, says UBS, and could see outflows when rates rise.
    • BAC +1%, JPM -1% premarket
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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