NEWS： J.P. Morgan Chase's fourth-quarter earnings fell short of expectations
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According to Jason Goldberg, a Barclays equity analyst, this is the first time that JPMorgan Chase has had an unexpected earnings per share in 16 quarters. JPMorgan Chase is the largest bank in the United States by assets.
JPMorgan Chase is the second major U.S. bank to blame the decline in bond revenue on the December market turmoil. Citigroup (C.N) announced Monday that revenue from its fixed income business fell sharply, mainly due to widening credit spreads.
Goldman Sachs (GS.N) and Morgan Stanley (MS.N) are expected to report earnings later this week, possibly disclosing that their fixed income trading businesses have suffered the same impact.
Wells Fargo Bank (WFC.N) said Tuesday that fourth-quarter revenue fell short of expectations as revenue from all its banking sectors declined, especially community banking. The bank relies less on transactions.
Marianne Lake, JPMorgan Chase's chief financial officer, said that although quarterly fixed income revenue fell 18%, the quarterly decline did not represent a trend.
"The outlook for economic growth is still strong," she said in a conference call with analysts. "Consumption is still strong and good. We expect to see a slowdown, but global growth will continue in the future.
JPMorgan Chase closed up 0.7% at $101.68.
The bank's provision for credit losses increased by $240 million over the same period last year, of which about two-thirds was for commercial and industrial loans.
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