JPMorgan’s Plan for Big Expense Boost Sends Shares Tumbling

JPMorgan’s Plan for Big Expense Boost Sends Shares Tumbling
Trading-revenue slump, muted loan growth add to stock slide
Bank reports a 1% drop in both commercial and consumer loans
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WATCH: JPMorgan Chase & Co. reported fourth-quarter results that saw investment banking revenue rise to $3.21 billion while FICC trading revenue missed estimates.

JPMorgan Chase & Co. slid as much as 6.4% after the company said compensation and other costs jumped in the fourth quarter ahead of an expected surge this year.

Expenses in the last three months of 2021 rose 11% from a year earlier, and the firm said to expect them to rise to about $77 billion this year excluding legal costs, which would be an 8.6% increase. The forecast, along with worse-than-expected trading results and muted loan growth, pushed the stock into its steepest decline since June 2020.

https://www.bloomberg.com/news/articles/2022-01-14/jpmorgan-falls-on-trading-revenue-slum ps-muted-loan-growth

  

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Rich people’s problems

• Context is everything and JPMorgan is highly profitable (23% RoTBV in 2021 – or 18% excluding reserve releases - with a medium-term target of 17%) and the shares are highly rated (2.2x TBV). It expects non-Markets net interest income to grow by $5bn+ in 2022. Most European banks can only dream of such figures and the strategic choices which they open up. Reading the transcript of the analysts’ call, two comments stood out in terms of JPMorgan’s mindset – which is so very different to what its “poor neighbours” in European banking could consider. The CFO said “as I wrap up, it's another good moment to stop and note how privileged we are to have the financial strength and the earnings generating capacity to absorb these inflationary pressures, while also making critical investments to secure the future of the company”. Very true. Amongst the many interesting comments from Mr Dimon, when pressed on the level of investment spending, he stated “I would take 15% return on tangible equity through the rest of my life, If I can guarantee that”. These are statements that most European bank management teams could not even consider in their wildest dreams.

  

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