JPMorgan: misses expectations in tough quarter
(CercleFinance.com) - JPMorgan Chase generated record revenue and profit in 2018, even without the impact of tax reform, with each line of its business growing, the company said on Tuesday.
In Q4, JPMorgan's net income rose by 67% to 7.1 billion dollars. The New York-based bank earned 1.98 dollar per share, which fell short of the consensus of 2.25 dollars per share.
Total revenue grew by 4% to 28.6 billion dollars, but beat the market's estimate of 27.3 billion dollars.
Revenue from consumer and business banking - JPMorgan's biggest business - increased by 18% to 6.6 billion dollars, although its corporate and investment bank unit saw revenue drop by 6% to 3.3 billion dollars due to challenging market conditions.
Volatility and lower market levels impacted performance in Q4, it said.
JPMorgan shares are down 2.7% in pre-market trading on Tuesday.
Copyright (c) 2019 CercleFinance.com. All rights reserved.