JPM Stock Fizzles Despite Blowout Quarter As Key Forecast Cut
One day after Goldman Sachs reported its highest profit in 5 years (despite an ugly miss in FICC revenues), this morning JPMorgan impressed with just as solid results, when it reported that its Q1 profits rose 13% as the bank benefited from soaring market volatility and frantic trading amid the war with Iran and the US military operation in Venezuela. The largest US bank reported net income of $16.5bn, beating analyst estimates of a $15.2bn print, up from $14.6bn a year ago and the bank’s second-best quarter ever. Its best quarter remains the $18.1bn the bank earned in the second quarter of 2024 when JPMorgan benefited from a one-off gain from the sale of its stake in Visa. One-upping Goldman, JPM reported the best quarter for trading in the bank’s history, boosted by the swings in equity and fixed income markets caused by geopolitical shocks. And unlike Goldman, JPM’s FICC also came in much stronger than expected; in fact at $7.1bn it was the second biggest FICC revenue on record. The bank reported total trading revenues …



