JPM & C dull the outlook for GS & BAC

[MongiIG]

JPM & C dull the outlook for GS & BAC

The negative reaction to earnings from both JPMorgan (JPM) and Citigroup (C) will likely have a negative impact on the earnings scheduled for next Tuesday with Goldman Sachs (GS) and Bank of America (BAC).

IGTV’s Jeremy Naylor looks at the charts of all four internationally focused banks, as well as Wells Fargo (WFC).

https://www.ig.com/uk/market-insight-articles/jpm---c-dull-the-outlook-for-gs---bac-220114

[MongiIG]

JPMorgan shares pull back by 4% even after fourth-quarter profit tops estimates. cnbc

JPMorgan Chase on Friday posted profit that exceeded analysts’ expectations on a benefit from better-than-expected credit losses and as loan growth returned to parts of the firms’ business.

Here are the numbers:

• Earnings: $3.33 a share, vs. estimate $3.01, according to Refinitiv.
• Revenue: $30.35 billion, vs. estimate $29.9 billion.

 

Shares of the bank dipped 4.2% in premarket trading. JPMorgan said it took a $1.8 billion net benefit from releasing reserves for loan losses that never materialized; without that 47 cent per share boost, earnings would have been $2.86 per share.

[MongiIG]

Citigroup shares slide after fourth-quarter profit declines 26%. cnbc

Citigroup shares fell nearly 4% on Friday after the banking giant reported a steep profit drop for the fourth quarter.

Here’s how the bank fared in the quarter compared to what analysts expected:

• Earnings per share: $1.46, but it was not clear if that is comparable to the $1.38 estimated by Refinitiv
• Revenue: $17 billion vs. $16.75 billion expected

 

The company’s net income dropped 26% to $3.2 billion. Citigroup cited an increase in expenses for the sharp decline, adding that the results included a “pre-tax impact” of about $1.2 billion related to the sale of its consumer banking businesses in Asia.