JPMorgan's investment-banking fees unexpectedly fell in the fourth quarter, while the bank delivered results that otherwise mostly beat consensus. Dani Burger reports on Bloomberg Television.

New York

JPMorgan reported quarterly revenue of $45.8 billion, meeting high market expectations. The bank's trading division delivered its best fourth quarter on record, with equities and fixed income, currencies, and commodities (FIC) generating $2.86 billion and $5.38 billion, respectively.

However, investment-banking revenue came in lighter at $2.55 billion, reflecting 8.4% fee growth but a slight decline compared to the previous year, despite anticipated increases in deal activity. CEO Jamie Dimon commented on the bank's acquisition of the Apple credit card and noted that while the economy remains resilient, there are ongoing risks from geopolitical tensions, inflation, and elevated asset prices.

JPMorgan sees surprise drop in investment-banking fees

Danny Berger, expectations are super high. How did JP Morgan do? It looks like they met the bar. For most of these results, John, they're $45.8 billion of reported revenue for the quarter. And it's really the trading that stands out as the star of these results. Just looking at the numbers, 2.86 billion for equities in the quarter, 5.38 billion for FIC in the quarter. That is the best fourth quarter ever for JP Morgan. Again, just going off of fourth quarters, which tend to be a interesting quarter given the end of the year and how people are positioning. So that's a positive result. I would point out that their investment banking revenue for the quarter comes in a little bit lighter at $2.55 billion. That's about an 8.4% growth in investment banking fees, which is also slightly down on the year. I'll be interested to see how JP Morgan addresses that and why, again, not hugely off, but a little bit weaker considering the expected deal boom that they themselves have been portraying. Now, Jamie Dimon's comments on this release are also interesting themselves. He, multiple times in this release, says that they're excited to become the owner of the Apple credit card. He's gonna have a lot of questions when it comes to credit on this. And his overall comments on this economy, saying it remains resilient, labor markets have softened, but conditions don't appear to be worse. He goes on to say, though, as usual, we remain vigilant and markets seem to underappreciate the potential hazards, including from complex geopolitical conditions and the risk of sticky inflation and elevated asset prices, John.

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Washington

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London

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New Delhi

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Minneapolis

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Las Vegas

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Breakdown