JPMorgan Chase and Wells Fargo Turn In Strong First Quarters
JPMorgan Chase and Wells Fargo both released strong earnings today, which could be good news for financial markets job seekers. JPMorgan Chase reported a first-quarter 2012 net income of $5.4 billion, compared with a net income of $5.6 billion in the first quarter of 2011. Earnings per share were $1.31, compared with $1.28 in the first quarter of 2011.
The San Francisco-headquartered Wells Fargo reported a net income of $4.2 billion on Q1 revenue of $21.6 billion. This was the ninth consecutive quarter of earnings growth for Wells Fargo and the eight consecutive growth quarter for JPMorgan Chase.
Wells Fargo Chairman and CEO John Stumpf said, "We increased revenue, PTPP and net income, saw improvement in operating leverage and credit quality and continued to grow capital.” The bank's return on equity was 12.14 percent, the highest since second quarter 2009.
JPMorgan Chase's Chairman and CEO Jamie Dimon said the firm's return on tangible common equity for the first quarter of 2012 was 16 percent, compared with 11 percent in the prior quarter and 18 percent in the prior year.
The bank's net income for investment banking was $1.7 billion, which is down 29 percent from the prior year. These results reflected lower net revenue and a lower benefit from the provision for credit losses, partially offset by lower non-interest expense.
