WFC - Well-Run Big Banks Showed How Well They Can Navigate A Challenging Environment | Benzinga
Last week ended by JPMorgan Chase & Co (NYSE: JPM), Citigroup Inc (NYSE: C) and Wells Fargo & Company (NYSE: WFC) kicking off the third quarter earnings season by reporting profits that exceeded expectations.
JPMorgan Chase & Co Topped Profit Estimates Fueled By Record Interest Income
On Friday, JP Morgan Chase topped third quarter profit estimates due to rising borrowing costs and its rescue of First Republic Bank resulting in record income from interest payments. Even excluding the impact of the First Republic acquisition, net interest income rose 21% and JPMorgan Chase lifted the full year NII guidance by $2 billion to $89 billion, although Chief Financial Officer Jeremy Barnum warned that current NII levels were not sustainable and could moderate to about $80 billion. On the back of an improved macroeconomic outlook, the biggest U.S. lender released $113 million in net reserves during the reported quarter. Unlike its rivals, JPMorgan still manages to avoid mass layoffs with its workforce even growing 3% during the reported quarter due to the First Republic acquisition. ...