FOX Business’ Susan Li on Archegos Capital blow out<\/p>\n
JPMorgan Chase & Co. reported first-quarter profit spiked nearly 400% after the bank released cash that had been set aside to cover bad loans. <\/p>\n
The New York-based lender earned $14.3 billion, or $4.50 per share, as revenue rose 14% year over year to $33.12 billion. The company was helped by favorable comparisons after having to build up reserves in the year-ago period to protect against the economic slowdown caused by the COVID-19 pandemic. <\/p>\n
COINBASE IPO, CRYPTO’S FIRST: WHAT TO KNOW<\/strong> <\/p>\n JPMorgan released $5.2 billion of reserves during the quarter, decreasing the size of its buffer to $26 billion. <\/p>\n Wall Street analysts surveyed by Refintiv were expecting JPMorgan to earn $3.10 per share on revenue of $30.52 billion.<\/p>\n The results reflect a "strong underlying performance across our businesses, partially driven by a rapidly improving economy," CEO Jamie Dimon said in a statement. <\/p>\n JPMorgan shares were little changed following the results. <\/p>\n Markets revenue rose 25% from a year ago to $9.1 billion. Fixed-income trading revenue rose 15% to $5.8 billion, driven by strong performance in securitized products and credit. Equities trading revenue jumped 47% to $3.3 billion.<\/p>\n The company also benefited from record issuance of special purpose acquisition companies, which saw more activity during the first three months of the year than in all of the record-breaking 2020. The firm reported investment banking revenue rose 222% from last year to $2.9 billion. <\/p>\n Assets under management jumped 28% to $2.8 trillion.<\/p>\n\n\n
\n \nTicker<\/th>\n Security<\/th>\n Last<\/th>\n Change<\/th>\n Change %<\/th>\n<\/tr>\n<\/thead>\n \n JPM<\/td>\n JPMORGAN CHASE & CO.<\/td>\n 154.09<\/td>\n -1.86<\/td>\n -1.19%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n