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Instant View: JPMorgan profit falls 3 percent, but tops view
April 13, 2012 / 11:16 AM / 6 years ago

Instant View: JPMorgan profit falls 3 percent, but tops view

(Reuters) - JPMorgan Chase & Co, the biggest U.S. bank by assets, said first-quarter profit fell 3 percent as recent recoveries in trading and deal-making failed to lift investment banking revenue to earlier levels. But results still beat Wall Street expectations.

COMMENTARY:

WOJTEK ZARZYCKI, CHIEF INVESTMENT OFFICER, OPTIMAL INVESTING IN TORONTO:

“We were expecting strong results and JPMorgan usually surprises by 5 to 6 percent on earnings. They went way past that this time, with a 24 percent surprise. I think you’re going to see the stock go up today, but it’s had such a good run in the first quarter - up 30-something percent year to date - that we’re looking for it to be pretty steady in the near term. Over the long term, we see it going up to $50.”

MICHAEL HOLLAND, CHAIRMAN, HOLLAND & CO:

“It’s a blow-out quarter. Jamie Diamond has done it again. I think there’s no question that the numbers that he’s produced here are stellar and should set up the earnings season for the financials in a way that he’s created a very high bar for the rest of his competition.”

JOE TERRIL, FOUNDER OF TERRIL & CO, A MONEY MANAGER IN ST. LOUIS, MISSOURI:

“Looks pretty good. The revenue is what really impressed me. It tells me there’s more economic activity, maybe, than what we were previously thinking - more demand for credit, more demand for banking services, more business out there.”

GARY TOWNSEND, CEO OF HILL-TOWNSEND CAPITAL:

“We were expecting a very good quarter and they have outshined even our very high estimates. It’s not unexpected. We’re seeing good credit trends. We’re seeing a snap back in capital markets operations... We’re expecting another excellent quarter from all the banks. We’re going to have a great quarter. This is going to be eye-popping.”

Reporting By Lauren LaCapra and Ilaina Jonas; Compiled by Paritosh Bansal

Our Standards:The Thomson Reuters Trust Principles.
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