JPMorgan Chase Comes Up Short On Earnings, Swings To Profit

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JPMorgan Chase & Co. (NYSE:JPM) released the earnings results from its third quarter this morning before opening bell. The bank posted earnings per share of $1.36 on $24.2 billion in revenue. Analysts had been expecting JPMorgan to report earnings of $1.38 per share on $23.96 billion in revenue. In the same quarter a year ago, the bank reported losses of 17 cents per share.

JPMorgan’s earnings report leaked early

Interestingly, someone leaked JPMorgan’s earnings report before the bank itself posted the release. Business Insider points to a document posted on, which apparently appeared to be authentic. When we tried to access the same page just a short time later, the document had been removed.

The bank had been planning to release its earnings at 7 a.m. Eastern this morning. Business Insider contacted a JPMorgan spokesperson, who had no comment on the leak.

JPMorgan’s earnings report this morning is the first of the largest U.S. banks, with Citigroup Inc (NYSE:C) and Wells Fargo & Co. (NYSE:QFC) to follow yet today and Bank of America Corp (NYSE:BAC) tomorrow.

Breaking down JPMorgan’s earnings release

Net profits were $5.57 billion compared to last year’s $380 million loss. Last year’s third quarter results were marred by huge legal charges. JPMorgan Chase fought allegations in connection with mortgage instruments leading up to the financial crisis. In this year’s third quarter, legal expenses were $1.1 billion, compared to $700 million in the second quarter and $9.3 billion in the same quarter a year ago.

The bank reported a 2% year over year increase in income from fixed income trading, which was $3.51 billion, according to the Financial Times. Its corporate and investment banking segment received a boost from better equity underwriting and advisory numbers, rising 7%. Small declines in lending and debt underwriting partially offset those increases.

JPMorgan’s retail banking arm saw a 2% increase in revenue but 9% decline in profits. Asset management led the retail banking segment.

Looking ahead to today’s conference call

Today JPMorgan Chase CEO Jamie Dimon is expected to take part in the bank’s conference call. He finished his cancer treatments last month. In addition to news about Dimon’s health, investors will also want to know more about the cyber-attack that hit the bank recently. Hackers stole the personal information of 76 million U.S. households, but not their passwords or account numbers.

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