JPMorgan profit above expectations
Bloomberg
Earnings fell 10 percent to $2.14 billion, or 40 cents a share, compared with $2.37 billion, or 68 cents, a year earlier, the New York-based bank said yesterday in a statement. Per-share profit was expected to be 32 cents, according to the average estimate of 18 analysts surveyed by Bloomberg.JPMorgan’s market value has almost doubled in the past month on speculation the bank’s profit slide will slow with the easing of the global credit crunch. Chief Executive Officer Jamie Dimon, 53, helped spark the rally when he said the company was profitable in January and February. Goldman Sachs Group, the sixth-largest U.S. bank, reported earnings April 13 that were twice as high as analysts estimated.
"They’re taking market share in almost every one of their businesses," Jason Goldberg, an analyst at Barclays in New York, said before earnings were released. "They’re still open for business and aggressively marketing and making loans," said Goldberg.
JPMorgan’s acquisition of Bear Stearns last year eliminated a competitor for investment-banking fees and helped boost the firm’s commodities trading and prime brokerage businesses. The September acquisition of Washington Mutual is adding to earnings by expanding the reach of the retail and commercial banks in regions including the U.S. West Coast.