JPMorgan Chase (JPM): Q3 profit rises to $15.3B but lands short of estimates
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JPMorgan earned $15.3B, or $5.57 a share, in Q3, up from $5.07 a year ago. Trading revenue rose 15% and investment banking fees 14%. Reports say EPS and revenue still came in a bit under analyst forecasts.
Why it matters JPMorgan is the bellwether for US banks. Growth in trading and dealmaking is a good sign for the sector, but a miss against forecasts shows how high the bar was going in.
What we verified JPMorgan's 8-K and The Globe and Mail both confirm net income of $15.3B and EPS of $5.57 versus $5.07 a year earlier. The Globe and Mail also reports trading up 15% and investment banking fees up 14%. The below-estimate miss comes from several press reports, and the exact consensus figure varies by source.
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