JPMorgan actually delivered strong results : USD 13 billion in net income. USD 46.8 billion in revenue, up YoY. Trading revenue beats analysts expectations.
JPMorgan is not a weak bank. This is US's largest bank with rock solid balance sheet.
Why did JPMorgan fall?
Even though results beat expectations profit declined from last year.
JPMorgan absorbed a charge tied to Apple Card loan portfolio takeover.
Credit costs rose to USD 4.7 billion including reserve builds.Markets see this as a warning as consumers are starting to strain.
I believe the single most important factor is the credit card fee cap. The market is pricing a future where banks earn less from swipe fees.
As Warren Buffett likes to say When there is Fear in the market it is time to be greedy.
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- bounceeยท01-15TOPSpot on! Fear means buy time. Buffett knows best. [็ๆถจ]1Report
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- icycrystalยท01-15TOPthanks for sharing1Report
- zumaยท01-16thx1Report