Jamie Dimon, CEO of JPMorgan Chase, says during the Senate Committee on Banking, Housing and Urban Affairs hearing entitled “Annual Oversight of the Nations Largest Banks” on Thursday, March 22.
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JPMorgan Chase is scheduled to report fourth-quarter results ahead of Friday’s opening bell.
Here’s what Wall Street expects:
- Earnings: $3.07 per share, down 7.9% year over year, according to Refinitiv.
- Revenue: $34.3 billion, up 13% year over year.
- Provision for loan losses, according to StreetAccount $1.96 billion
- Trading revenue: fixed income $3.76 billion, equities $1.92 billion
- Investment Banking Revenue: $1.57 billion
JPMorgan, the largest US bank by assets, is being closely watched for clues as to how the industry is steering an economy at a crossroads.
Analysts expect a mixed bag of conflicting trends from the banks. Higher interest rates will help lenders collect more interest income, but some of that increase will be offset by higher provisions for expected credit losses when the economy slows.
Wall Street is unlikely to come to the rescue. Investment banking revenues are expected to plunge 50% amid frozen IPO markets and muted deals, Barclays analyst Jason Goldberg said in a Jan. 11 note.
This is partially offset by a 10% increase in trading income thanks to a boost from the fixed income business, he wrote.
Perhaps of more interest is what JPMorgan CEO Jamie Dimon has to say about the economy. The veteran CEO rocked markets last year when he said a Federal Reserve-sponsored economic “hurricane” was headed for the US
JPMorgan shares are up 4% this year compared to the 6% rise in the KBW Bank Index.
The other major retail banks, including Bank of America, Wells Fargo and Citigroupare also planned to release results Friday while Goldman Sachs and MorganStanley Report Tuesday.
This story evolves. Please check again for updates.
https://www.cnbc.com/2023/01/13/jpmorgan-chase-jpm-earnings-4q-2022.html JPMorgan Chase (JPM) Earnings 4th Quarter 2022