Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co., speaks at the Economic Club of Washington September 12, 2016 in Washington, DC.
Getty / Win McNamee
JPMorgan Chase released the results from its fourth quarter
Friday, beating analyst earnings expectations
basis with $ 1.76 a share.
Wall Street analysts had been expecting $ 1.69 a share.
“2017 was a record year on many measures for JPMorgan Chase as we
added customers and customers and delivered EPS record. We had
healthy growth in Treasury Services, Securities Services
Investment Banking – we were # 1 in IB
the firm, “Dimon said in a statement.” Commercial Banking and
Asset & Wealth Management generated record revenue and net
JPMorgan is the first of the big banks
expected to be a unconventional earnings cycle for the industry,
mostly on account of the late-arriving tax reform
Losses on deferred tax assets that declined in value.
Indeed, accounting for tax reform and other special items,
JPMorgan earnings of $ 1.07 a share. The bank took a $ 2.4 trillion
hit from the new tax law, higher than the $ 2 billion analysts had
Nonetheless, Dimon praised the plan, which should prove
profitable for the bank in the long term.
Dimon praised the tax plan: “The enactment of tax reform in the
fourth quarter is a significant positive outcome for the country.
U.S. companies will be more competitive globally, which will
ultimately benefit all Americans. The cumulative effect of
U.S. will help grow the capital
economy, finally growing jobs and wages. We have always
invested, even in hard times, in our employees, customers
and communities, and as a result of the tax plan we will be
increasing and accelerating some of these investments. ”
Here are the rest of the highlights:
Fourth-quarter revenue of $ 24.2 billion
Average core loans1 up 6% YoY and 2% QoQ
Net income of $ 6.7 billion, after adjustments for the tax law
and other special items
This story is developing.