Jamie Dimon's JPMorgan Chase reported second quarter results on July 14 that beat expectations across nearly every line of business, sending shares up…
Jamie Dimon's JPMorgan Chase reported second quarter results on July 14 that beat expectations across nearly every line of business, sending shares up 2.5% on the day and reinforcing why Dimon remains one of the most closely watched executives in banking. Adjusted earnings per share came in at $6.14, roughly $0.30 above what Wall Street had modeled, while adjusted revenue of $52.4 billion topped forecasts by more than $2 billion.
Jamie Dimon and JPMorgan Chase deliver a record quarter across the board
Every major business line at the bank posted record revenue in the quarter, and the company's return on tangible common equity landed at 23%, well ahead of its own long term target. The headline surprise came from equity markets trading, where revenue jumped 86% year over year to top $6 billion, a figure noticeably higher than any of the previous four quarters. CFO Jeremy Barnum told analysts on the earnings call that the surge stemmed from a cluster of one time events rather than a durable shift in trading demand. He pointed to a wave of major IPOs, index rebalancing activity, unusual dynamics in the Korean equity market, and a broader pickup in trading across Asia.
