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JPMorgan earns 20% more and extends the Wall Street party

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Manish Saini
Manish works as a Journalist and writer at Revyuh.com. He has studied Political Science and graduated from Delhi University. He is a Political engineer, fascinated by politics, and traditional businesses. He is also attached to many NGO's in the country and helping poor children to get the basic education. Email: Manish (at) revyuh (dot) com

The season of results in the United States has just begun with the accounts of the big banks and with good vibes thanks to the impulse of JPMorgan

The country’s largest bank for managed assets and market capitalization has registered a profit of 8,500 million dollars in the fourth quarter of 2019, which implies a 20% increase compared to a year ago. The figure equals $ 2.57 per share and is above the $ 2.35 analysts expected.

JPMorgan’s revenues have increased by 9% in the same period, up to 28.3 billion dollars, also above market expectations. The entity that directs Jamie Dimon has benefited from the strength of consumption in the United States and the recovery of the investment and corporate banking business, whose revenues were boosted by 31%, to about 9,500 million dollars.

In the full year, JPMorgan’s revenues have risen 6%, to 115.6 billion dollars, while the profit has reached 36.4 billion, up 12%. The outlook, however, is less favourable for 2020, with a foreseeable business stagnation motivated by the Federal Reserve (Fed) strategy of lowering interest rates.

Citigroup

Citigroup accounts have also beaten estimates in the final stretch of 2019. The bank has earned almost $ 5,000 million, 15% more and equivalent to $ 2.15 per share, well above the forecasts.

Revenues rose 7%, to $ 18.4 billion, also exceeding expectations and encouraged by the area of ​​consumption and the corporate banking division, which just a year ago went through a difficult period. In the full year, Citigroup has achieved revenues of 72,850 million dollars, 2% more, and a profit of 19,400 million, 8% higher than a year ago.

In the case of Wells Fargo, the figures have not been so favourable. The bank has earned 53% less, up to 2,900 million dollars, after pointing out an extraordinary provision of 1,500 million dollars to face the problems arising from the scandal of false accounts that broke out in 2016. Revenue fell 5.4%, up to 19,860 million dollars and below market expectations.

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