JPM Dimon is speaking after announcing strong earnings and says:
- The headwinds in the economy are substantial and somewhat unprecedented
- the company has been over earning on credit for some time
Its CFO added that
- M&A market is still continuing to face headwinds
- Expect modest deposit decline across the franchise
Woe is me.
J.P. Morgan earned $4.37 versus $4 expected on revenues of $41.3 billion versus $38.96 billion. Shares are currently up $4.24 or 2.85% in premarket trading at $153.11. That's all-time high reached $172.71 back in October 2021. It's corrective low going back to October 2022 reached $101.28. For the year, the stock was up 11% at the close yesterday. That is less than the S&P index, but relatively speaking it is beating its appears. Citigroup shares are up 5.42% and Wells Fargo shares are about 5.86% this year.
Meanwhile Citigroup CFO says that:
- base case is for a mild recession, but the US economy has proven to be quite resilient