JPMorgan Chase (JPM) reported third-quarter earnings of $5.57 per share, below analyst expectations. [2, 5, 9] It was the bank’s first profit miss in nearly three years. [2, 5, 9]
Managed revenue totaled $50.9 billion, slightly below consensus estimates. [1, 2, 8] A slowdown in dealmaking and weaker-than-expected trading revenue weighed on results. [5]
Fixed-income trading revenue fell 4% year over year. [3, 4, 5] It was the division’s first decline in more than two years. [3, 4, 5] Investment banking fees rose from a year earlier but moderated from the second quarter. [5, 10] The quarter included $658 million in net investment securities losses. [1, 4]
Equity markets revenue surged 49% from a year earlier. [3, 5] Net income grew 6% year over year. [1, 3] It totaled $15.3 billion. [1, 3]