(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.
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.”
“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.”
“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