Investors have dumped bank shares lately, pushing JPMorgan and others to fresh 52-week lows this week, on concern that the Fed will trigger a recession.
Here are the numbers: Earnings: $3.12 a share, may not be comparable with the $2.88 estimate, according to Refinitiv.CREATE FREE ACCOUNT
The bank said net interest income surged 34% in the quarter to $17.6 billion, due to higher rates and an expanding book of loans. That topped analysts' expectations by more than $600 million.noted that while consumer and businesses were financially robust in the period, the economic picture was darkening:
Early signs of those headwinds began appearing in the quarter. JPMorgan booked $959 million in losses on securities in the quarter, reflecting the broad declines in financial assets in the quarter, sapping earnings by 24 cents per share. But investors have dumped bank shares lately, pushing JPMorgan and others to fresh 52-week lows this week, on concern that the Federal Reserve will inadvertently trigger a recession. Investment banking and mortgage lending revenue has fallen sharply, and firms could disclose write-downs amid the decline in financial assets.
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