Wall Street Calls Out JPMorgan’s ‘Very Un-JPMorgan-Like’ Earnings
- JPMorgan earnings miss is uncharacteristically disappointing
- Most big banks underperform, while Citi extends rebound
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JPMorgan Chase & Co.’s fourth-quarter earnings report initially stung, with a plunge in fixed-income trading revenue that Wolfe Research labeled “very un-JPMorgan-like.” Wells Fargo & Co. results disappointed, too, hurt by lower fees and a drop in mortgages.
That weighed on their shares Tuesday morning, although JPMorgan shares started to rally alongside the broader market by mid-day. Bank of America Corp., due to report later this week, also rose, while Goldman Sachs Group Inc. underperformed. Citigroup Inc. was a standout, extending a five-day gain to rise as much as 4.9 percent. The bank on Monday signaled better days were ahead -- and it’s been underperforming peers in recent weeks.