Bank earnings kick off with JPMorgan blockbuster

Friday, October 12, 2012 - 06:59 Spencer Platt/Getty Images People pass a sign for JPMorgan Chase & Co. at it's headquarters in Manhattan on October 2, 2012 in New York City. JP Morgan Chase, one of the bellwethers of the global financial system, has reported a record profit for the third quarter. The huge diversified bank headed by Jamie Dimon—the largest in the U.S. by assets—says it earned $1.40 per share, up 34 percent from the July-September period in 2011. Analysts polled by FactSet had predicted earnings of just $1.21 per share. And money coming in the door—that’s revenue—was up 6 percent, also outpacing forecasts. As the economy improves, JP Morgan is setting aside less money in loan-loss reserves, helping the bottom line. The bank had $1.8 billion on the books for potential loan losses in Q3 2012, down 26 percent from the $2.4 billion in loan-loss reserves one year ago. The upcoming wave of bank earnings--including Wells Fargo, Citigroup, Bank of America, and Goldman Sachs--will ...

administration america business capital chase christopher citigroup city credit dimon european factset fargo federal fha getty images goldman hartman investment jamie jpmorgan july-september manhattan marketplace mitchell morgan moshe operations orenbuch partners performance platt ramifications sam spencer stearns story street suisse tangent type uncle wall wells whalen york