JPMorgan

Managers at JPMorgan Chase started to notify employees of job cuts last week, people familiar with the matter said, as part of a series of layoffs the bank plans to make throughout 2025. Some employees in the U.S. were notified of layoffs on Feb. 5, according to the people, who requested anonymity to discuss private matters. At least several of those layoffs were in the Houston offices. JPMorgan plans to announce additional cuts in mid-March, May, June, August, and September, the people said. Not every line of business will be impacted in each round of those layoffs. In February, fewer than 1,000 employees are going to be laid off, and was it unclear how many employees the firm plans to cut this year. The firm had some 317,000 employees as of December. A spokesperson for JPMorgan said on Wednesday that the cuts are “part of our regular management of the […]

It’s shaping up to be a strong earnings season — a sign that 2025 could be another robust year for stocks. While S&P 500 companies are still in the early stages of reporting December quarter earnings, the numbers look especially promising. A string of strong reports from Netflix, JPMorgan Chase, and Procter & Gamble has sparked investors’ enthusiasm. On Wednesday, the S&P 500 climbed 0.7%, extending the index’s 2025 gains to 3.6% while hovering close to its all-time high of 6090. Overall, about 80% S&P 500 companies had beaten Wall Street earnings forecasts through the end of last week, noted market researcher DataTrek. That’s good — if not quite as good as it sounds. Looking back over the past decade, about 75% of companies manage to report a so-called earnings “beat” in a typical quarter. There’s a longstanding gentlemen’s agreement between corporate America and Wall Street that analysts set the

New loans are a bank’s lifeblood, but investors seem to be willing to look through sluggish loan growth this earnings season. That might not stay the case if demand doesn’t pick up soon. Most of the largest banks have reported earnings and, on the surface, it has been a success. On the first day of big bank earnings last week, the KBW Nasdaq Bank Index notched its largest gain since the day after the presidential election. Of the first 17 financials to report, just one failed to beat estimates, according to LSEG IBES. One area of caution has been loan growth , which can only be described as sluggish. According to Morgan Stanley analyst Betsy Graseck, a basket of 25 banks, including Wells Fargo, JPMorgan Chase, Citizens Financial Group, and Regions Financial, have reported a median increase in loan growth of 1.13% from a year ago. While Graseck sees large-cap

JPMorgan Chase (JPM) reported Q2 earnings Friday of $6.12 per diluted share, up from $4.75 a year earlier. Analysts polled by Capital IQ expected $4.51. Net revenue for the quarter was $50.20 billion, compared with $41.31 billion a year earlier. Analysts surveyed by Capital IQ expected $45.66 billion.

JPMorgan Chase’s (JPM) stock underperformed the S&P 500 by 5% during Monday’s Investor Day after disappointing remarks on buybacks from Chief Executive Officer Jamie Dimon, Morgan Stanley said Tuesday in a report. The stock is expected to rebound on spending from a $17 billion “tech war chest” with net interest income topping expectations “again and again,” the report said. JPMorgan shares declined Monday after Dimon said that repurchasing shares at over 2x tangible book value per share “is a mistake” and the bank wouldn’t buy back a lot of stock with these prices, Morgan Stanley said “The market clearly interpreted this to mean no buybacks,” the report said. Morgan Stanley said reduced its Q3 buyback estimate to $3 billion from $8.4 billion and Q4 to $4 billion from $8.8 billion. The brokerage also lowered its 2024 earnings per share estimate $0.12 to $16.84 and the 2025 EPS estimate by $0.25

There were no big surprises at today’s Investor Day, but the event underscored JPM’s market leadership and the depth/breadth of its management. JPM raised its NII forecast by $1B to $91B in ’24, and interest rate trends do not appear to be a disruptor to underlying loan volume with rates higher for longer to a soft landing. We keep our $215 target on a forward P/E of 13.0x, above the five-year average at 12.3x. Higher valuation may be supported by the bank’s ability to capitalize on its lead market position, the size of its balance sheet, and its ability to innovate and drive future growth. Investor Day demonstrated how JPM is using technology, including AI and other applications, to drive product innovation, streamline work processes, and realize higher organic revenue outpacing expense growth. JPM was low key about a rebound in investment banking, which is a cornerstone of our Buy

By Andrew Bary JPMorgan Chase CEO Jamie Dimon’s frank talk on stock repurchases Monday is rare for a corporate leader but ought to be heeded by his fellow corporate chieftains. At the company’s investor day, Dimon said the company would limit its stock repurchases given the elevated price of the JPMorgan stock. “We’re not going to buy back a lot of stock at these prices,” Dimon told attendees at the investor day. JPMorgan stock has returned about 45% over the past year and recently hit a record high. “We’ve been very, very consistent,” Dimon said. “When the stock goes up, we’ll buy less and when it comes down, we’ll buy more,” he added. Dimon’s view is espoused publicly by few CEOs save for Berkshire Hathaway’s Warren Buffett. Companies regularly repurchase stock regardless of price. Why? CEOs may truly believe their shares are undervalued even at high prices or they are

JPMorgan Chase shares fell 4.5% on Monday, not the kind of reception it usually hopes to get on its annual investor day. One contributor: Chief Executive Jamie Dimon implied the shares had gotten so high he didnt want to buy back any more shares. Later Monday, the bank looked to clarify Dimons comments. A JPMorgan spokesman said that Dimon’s comments on buybacks referred to additional repurchases of stock beyond the pace at which the bank is already buying back stock. Not that the bank is stopping all repurchases. Indeed, JPMorgan’s chief financial officer said the bank is increasing how much it buys back from shareholders, totaling over $2 billion of repurchases every quarter.

JPMorgan Chase (JPM) can likely recover soon from Friday’s 6.5% share-price decline, with the company’s strengths in consumer, commercial and institutional banking overcoming disappointment caused by missing consensus calls on a handful of Q1 internal metrics, Oppenheimer analysts wrote Monday. Given its Q1 results appeared to be a “solid beat” on both the top and bottom lines, the Oppenheimer analysts they could not really explain why JPMorgan fell Friday. They reiterated their outperform rating for the company’s stock but tweaked their price target for JPMorgan shares, lowering it to $217 from $219, largely because of changes “in the market multiple, as our 2025 estimates are nearly unchanged,” they wrote. The analysts said the primary risks for JPMorgan and its share price were credit quality and interest rates as well as potential legal and regulatory issues. The bank, like most of its peers, has significantly reduced its risk profile, although if

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We keep our $215 target on a forward P/E of 13.0x, above the five-year historical average of 12.3x. Following a $0.31 earnings beat at $4.44 in Q1, we raise our 2024 EPS by $0.50 to $16.50 and 2025’s by $0.70 to $17.00. The Q1 revenue beat was 9% higher (to $41.9B), supporting our higher revenue forecast of $164B in 2024 and $166B in 2025. We think current rates and a healthy U.S. economy support higher loan volume and the impact on net interest income (NII), which JPM is guiding conservatively at $90B for 2024. In Q1, NII rose 11% Y/Y and total loans were +16% Y/Y, with deposit-related fees +2%. Consumer net revenue was +15%, with banking/wealth management +3%, home lending +65%, and card services/auto +8%. Commercial