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The Q4 earnings season has officially kicked off today with the Big Four banks reporting on their performance in the last quarter of 2022.
JPMorgan (NYSE: JPM) reported better-than-expected earnings but shares still trade about 2.5% lower in pre-market Friday on soft investment banking revenue and management’s comments. The banking giant reported a Q4 EPS of $3.57 on revenue of $34.5 billion, beating the analyst consensus for EPS of $3.11 on revenue of $34.17B.
Investment banking revenue fell 57% year-over-year to $1.39B, a large miss compared to the $1.66B consensus. JPM’s business units – namely FICC sales & trading, Equities sales & trading, and CIB Markets – all missed analyst targets for revenue. Managed net interest income was $20.31B, ahead of the $18.79B…
