Today: 21.06.2018
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JPMorgan profit beats Wall Street forecasts on higher interest rates.

JPMorgan Chase, the biggest US bank by assets, reported a higher-than-expected quarterly profit on Friday as gains in net interest income offset a slowdown in trading revenue. The bank recorded a $2.4 billion charge to cover a new one-time repatriation tax on income it has kept abroad and to adjust the value of its deferred...
Time: 11:26     Date: 12.01.2018
Last US Business News: JPMorgan profit beats Wall Street forecasts on higher interest rates. NY Post 24 - US News

The bank recorded a $2.4 billion charge to cover a new one-time repatriation tax on income it has kept abroad and to adjust the value of its deferred tax assets and liabilities.

Wall Street analysts were expecting a $2 billion hit, based on comments the company made in December.

The sweeping changes in the tax law enacted by President Trump are expected to mean short-term pain but long-term gain for large US banks that do business worldwide.

“The enactment of tax reform in the fourth quarter is a significant positive outcome for the country. US companies will be more competitive globally, which will ultimately benefit all Americans,” Chief Executive Officer Jamie Dimon said in a statement.

Net profit, adjusted to exclude the tax charge and other one-time items, was $6.7 billion, or $1.76 per share, and beat the average estimate of $1.69 per share, as higher interest rates helped it earn more on its loans.

Net revenue rose 4.6 percent, to $25.45 billion, and beat the estimate of $25.15 billion, despite a 27 percent fall in fixed income trading revenue, excluding the impact of the tax bill.

Trading revenue across the industry has been under pressure due to low volatility. Markets were especially active in the year-earlier quarter as investors changed positions around the US election.

Equity trading revenue was flat, including the impact of a mark-to-market loss of $143 million on a margin loan to a single client. The loan is related to South African furniture retailer Steinhoff, according to a person familiar with the matter.

Rising interest rates, however, helped cushion the blow from lower trading revenue, lifting net interest income by 11 percent, to $13.4 billion.

Net income, reported under generally accepted accounting principles (GAAP) and including the tax charge, fell to $4.23 billion, or $1.07 per share, in the fourth quarter ended Dec. 31, from $6.73 billion, or $1.71 per share, a year earlier.

JPMorgan’s shares were little changed at $110.95 in early trading.

Business

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Opinion

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Living

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A 1962 Ferrari 250 GTO road racing car is expected to fetch more than $45 million at auction in August, making it the most...
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LONDON — No beer at this time of year? A British trade group says there’s a shortage of carbon dioxide in Northern...
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Millennials don’t care about traditional honeymoons.
When Gina Doost and Jeff Fransen planned their picture-perfect wedding in September 2016, they were dealing with two challenges...
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The moment Dana Rosenbloom picked up her cell phone and heard the anguished voice of her client — an Upper East Side mother...
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People actually paid $38 for ‘hot dog water’ at festival.
Vancouver’s annual Car Free Day festival attracts thousands of people to the Canadian city’s Main Street. However, this...
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US to require more screening of powders in carry-on baggage.
U.S. security officials will require more screening of powdered substances in carry-on bags on international flights headed...
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Poisonous caterpillar sends teen to emergency room.
A Florida teen is recovering from a terrifying health scare involving a venomous caterpillar, according to reports. Logan...
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Business

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Starbucks blames ‘health and wellness’ for sagging Frappuccino sales.
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Bombshells ‘breastaurant’ is a ‘crime factory’: prosecutor.
A Houston sports bar closed its doors for two weeks after the local prosecutor called it a “crime factory” — claiming...
Last US Business News: The reason millennials might be such bad tippers. NY Post 24 - US News
The reason millennials might be such bad tippers.
This bit of news got a lot of play this week: Millennials — Americans age 18 to 37 — are lousy tippers. In fact, they...
Last US Business News: Tax cuts were nice, but the federal deficit is still growing. NY Post 24 - US News
Tax cuts were nice, but the federal deficit is still growing.
Paul Ryan, the Wisconsin Republican who is Speaker of the House, said yesterday that the tax law changes have already been...
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Interest rates went up again last week. And Federal Reserve Chairman Jerome Powell said Wednesday they will continue to rise....
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New York fines Deutsche Bank $205M for money manipulation.
New York regulators are slapping a $205 million fine on Deutsche Bank, following allegations that its traders manipulated...
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Tesla is suing a former employee at its Nevada battery factory alleging that he hacked into the manufacturing computers and...
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The Food and Drug Administration is reconsidering its plan to label pure maple syrup and honey as containing added sugars....

Metro

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Sport

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