JPMorgan earnings: 'All businesses are doing relatively well'

Graph And Coins

JPMorgan Chase swung to a third-quarter profit from a year earlier as a surprise gain in fixed-income trading helped boost revenue and legal costs narrowed.

Bloomberg News reports that net income was $5.6 billion, compared with a loss of $380 million. Legal costs cut earnings by $1 billion, more than some analysts predicted. 

Chief Executive Officer Jamie Dimon, 58, has been contending with climbing expenses as the bank bolsters regulatory compliance and computer security. Revenue beat analysts’ estimates, helped by higher-than-expected fixed-income trading revenue.

'If you look at the printed number, it is showing a miss, but all businesses are doing relatively well,' said Guy de Blonay, a London-based fund manager at Jupiter Asset Management Ltd. that owns JPMorgan shares. 'For example, the investment bank is doing better.'

Revenue in the quarter rose 5.4 percent to $25.2 billion, beating that average estimate of $24.4 billion from 10 analysts. Fixed-income trading revenue rose 2 percent to $3.5 billion, fueled by strength in currencies and emerging markets, beating the $3.2 billion estimate from David Konrad, Macquarie Group Ltd.’s head of U.S. bank research.

Hit the link below to access the complete Bloomberg News article:

JPMorgan Swings to Profit as Debt-Trading Revenue Rises

Ex-UBS Banker Tax Trial Rides on Underling’s Credibility

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News