zerohedge.com / by Tyler Durden / Jan 13, 2017 8:18 AM
In a report that was somewhat similar to that of Bank of America, JPM reported Q4 revenues of $23.4 billion, beating estimates of $23.1 billion, on EPS of $1.71, far higher than the expected $1.42, which however like in the case of BofA was due to a cut in expenses, which came in at $6.87 billion, far below the $7.2 billion, suggesting even greater expense – i.e. compensation – reductions.
The “U.S. economy may be building momentum”: CEO Jamie Dimon said, adding that “opportunity for good, rational and thoughtful policy decisions to be implemented, which would spur growth, create jobs for Americans across the income spectrum and help communities”; JPM is well-positioned “to play our part.”
The CEO adds that the firm had double digit growth in deposit, core loan balances, with record credit card sales volume, continued momentum from 3Q in CIB, with strong markets results “across products.” Grew market share in “virtually all” businesses, “showed expense discipline while continuing to invest for the future”
The bank repurchased $2.1 billion in shares in the quarter.
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