JP Morgan earnings crushes the consensus
- Q1 EPS $4.50 vs $3.01 estimate
- Q1 revenue $33.12 billion vs $30.42 billion estimate
- Q1 investment banking revenue $2.85 billion vs $2.46 billion estimate
- Q1 equities sales & trading revenue $3.29 billion vs $2.32 billion estimate
- Q1 FICC sales & trading revenue $5.76 billion vs $5.02 billion estimate
The firm’s trading desks had a great showing and soaring investment banking fees adds to the more upbeat results across the board. JPM CEO, Jamie Dimon, reflects on that in saying there is a “strong underlying performance across our businesses”.
On the economy, he adds that he believes “the economy could have a period of multi-year growth” and remarks that “consumer spending has returned to pre-pandemic levels”.
That’s a good way to kick things off in earnings season with more financial institutions to report through to the end of the week.