JPMorgan smashes Wall Street's targets
posted $2.57 in fourth-quarter earnings per share, outpacing the $2.36 figure that Wall Street analysts surveyed by Bloomberg were expecting as corporate and investment bank revenues jumped 31%, and wealth and asset management revenue climbed 8%.
The bank's shares climbed 1.9% in premarket trading as investors cheered the outperformance and positive outlook by CEO Jamie Dimon.Earnings per share:"JPMorgan Chase produced strong results in the fourth quarter of 2019, capping off a solid year for the Firm where we achieved many records, including record revenue and net income," Dimon said in the earnings release.
"While we face a continued high level of complex geopolitical issues, global growth stabilized, albeit at a lower level, and resolution of some trade issues helped support client and market activity towards the end of the year," he added. JPMorgan's corporate and investment bank generated record fourth-quarter revenue, Dimon said. He added that global investment banking fees rose slightly in the quarter, and the bank's investment banking fee wallet share for the year hit its highest level in a decade.
The bank's commercial banking division earned a record $2.7 billion of investment banking revenue last year, and the asset and wealth management division also brought in record long-term net flows of $100 billion, he said.
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