JP Morgan Chase on Friday beat analysts’ estimates to post earnings per share of $3.79, above expected $2.62 per share, according to CNBC. The company generated $30.16 billion revenue, above the estimated $28.7 billion. 

  • JP Morgan released $2.9 billion from its pile of cash set aside for expected loan defaults in the quarter, resulting in a $1.9 billion revenue boost after about $1 billion in charge-offs
  • Equities trading revenue hit a record $1.99 billion, to top an estimated $1.84 billion while fixed-income revenue of $3.95 billion was just below the $4.12 billion estimate
  • The bank expects more volatility in operating results from quarter to quarter since the released $2.9 billion reserve release does not form part of core operating results.
  • Attention now shifts to succession planning after CEO Jamie Dimon  told Wall Street his condition was precarious he thought he “might not make it” after March’s heart surgery
  • Investors are also curious about the pace of share repurchase JP Morgan will make after CFO Jennifer Piepszak said the bank might repurchase about $4.5 billion in stock in the first quarter.

JP Morgan JP Morgan stock is currently declining.  JPM: NYSE is down 2.28% on premarket.