JPMorgan’s Shares Slide as FICC Miss Echoes Citi’s Results
(Bloomberg) -- JPMorgan Chase & Co. shares are falling 2.4 percent in pre-market trading after the bank reported fourth-quarter FICC sales and trading revenue that missed analysts estimates, just like Citigroup Inc. on Monday. JPMorgan’s adjusted earnings per share also trailed estimates.
CEO Jamie Dimon in the earnings statement flagged a “challenging quarter.” He also turned political: “As we head into 2019, we urge our country’s leaders to strike a collaborative, constructive tone, which would reinforce already-strong consumer and business sentiment.” Core loan growth of 7 percent was “in-line with our expectations.”
Other bank stocks are mixed. Citigroup and Bank of America Corp. are both dropping 0.7 percent, while Wells Fargo, which is due to report around 8 a.m., is rising 0.4 percent.
Citigroup’s post-results 4 percent share bounce may have set up for some disappointment if the bad news in its report, including deteriorating trading, keeps showing up at other banks as the earnings season unfolds.
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