Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., speaks during an Economic Club of New York (ECNY) event in New York, US, on Tuesday, April 23, 2024.
Victor J. Blue | Bloomberg | Getty Images
JPMorgan Chase on Friday posted second quarter revenue that topped analysts’ expectations as investment banking fees surged 50% from a year earlier.
Here’s what the company reported:
- Earnings: $4.40 a share, may not compare with $4.19 a share LSEG estimate
- Revenue: $50.99 billion, vs. $49.87 billion estimate
The bank said earnings jumped 25% from the year-earlier period to $18.15 billion, or $6.12 per share. Excluding items including a $7.9 billion gain on Visa shares and $546 million in securities losses, profit was $4.40 per share, JPMorgan said.
Will cracks in the economy begin to reveal themselves in JPMorgan Chase results?
While JPMorgan has passed numerous stress tests lately — actual and hypothetical — it’s possible the bank’s consumers could begin showing more strain from higher interest rates.
Another open question is about succession at JPMorgan after CEO Jamie Dimon acknowledged in May that he now had less than five years remaining in his current role.
Wells Fargo and Citigroup are scheduled to post results later Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.
This story is developing. Please check back for updates.
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