摩根大通(JPM.US)跌2.6%，报316.02美元。消息面上，摩根大通公布Q4调整后收入为467.7亿美元，略 超市场预期的463.5亿美元。期内，各项业务表现分化。股票销售交易收入同比暴增40%至28.6亿美元， FICC(固定收益、货币及大宗商品)业务收入同比增长7.5%至53.8亿美元。投行业务收入同比下降1.9%至 25.5亿美元，低于市场预期的26.5亿美元；其中，股票承销收入同比下降16%至4.16亿美元，远低于4.99 亿美元的市场预期。(格隆汇) ...

Key Takeaways JPMorgan Chase CEO Jamie Dimon in a statement Tuesday called the U.S. economy "resilient" but continued to warn of risk factors—including some he called underappreciated by markets. A number of major U.S. banks are set to report their latest quarterly financial results this week. The U.S. economy is "resilient," JPMorgan Chase CEO Jamie Dimon said Tuesday, but investors should remain wary of a range of possible "hazards" ahead. Dimon's comments came as the big U.S. bank turned in qua ...

Financial Data and Key Metrics Changes - The firm reported net income of $13 billion and EPS of $4.63 for Q4 2025, with an ROTCE of 18% [3] - Full year net income was $57.5 billion, EPS of $20.18, and revenue of $185 billion, with an ROTCE of 20% [4] - Revenue for Q4 increased by 7% year on year to $46.8 billion, driven by higher markets revenue and asset management fees [3] - Expenses for Q4 were $24 billion, up 5% year on year, primarily due to higher volume and revenue-related expenses [3] Business Line Data and Key Metrics Changes - Consumer & Community Banking (CCB) reported net income of $3.6 billion, with revenue of $19.4 billion, up 6% year on year [5] - Corporate & Investment Banking (CIB) net income was $7.3 billion, with revenue of $19.4 billion, up 10% year on year [6] - Asset and Wealth Management (AWM) reported net income of $1.8 billion, with revenue of $6.5 billion, up 13% year on year [7] Market Data and Key Metrics Changes - Markets fixed income revenue was up 7% year on year, while equities revenue increased by 40% [7] - The firm experienced net inflows of $105 billion for the quarter and $183 billion for the year in liquidity [8] - Long-term net inflows for AWM were $52 billion for the quarter and $209 billion for the full year, positive across all channels and asset classes [7] Company Strategy and Development Direction - The company is focused on making necessary investments to secure its position against both traditional and non-traditional competitors [13] - The integration of the Apple Card is expected to enhance modernization and user experience in the card business [41][50] - The firm anticipates strong client engagement and deal activity in 2026, supported by constructive market dynamics [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macroeconomic environment for 2026, citing consumer resilience and potential deregulation benefits [56] - Concerns were raised about geopolitical risks and large deficits, which could impact the economy [56] - The firm expects NII ex-Markets to be about $95 billion for 2026, with modest expectations for consumer deposit growth [11][62] Other Important Information - The firm is closely monitoring leading indicators for signs of stress in consumer behavior, with current trends remaining consistent with historical norms [6] - The advanced RWA contribution from the Apple Card transaction was about $110 billion, expected to reduce to approximately $30 billion in the near term [5] Q&A Session Questions and Answers Question: On the stablecoin issue and its impact on banks - Jamie Dimon discussed the risks of a parallel banking system without appropriate regulation, emphasizing the importance of consumer benefits [20][22] Question: Regarding deposit growth despite new checking accounts - Dimon noted that while checking account growth was strong, yield-seeking flows and a lower savings rate impacted deposit growth [24][25] Question: On the credit card business and Apple Card acquisition - Jeremy Barnum highlighted the economic appeal of the Apple Card deal and its potential to enhance the firm's modernization agenda [40][41] Question: About potential caps on credit card APRs - Barnum explained that price controls could lead to reduced access to credit, particularly for subprime borrowers, negatively impacting the industry [42][43] Question: On technology spending and AI investments - Dimon indicated that technology spending would increase, driven by opportunities in various areas, including AI [88][89]

JPMorganChase (NYSE:JPM) Q4 2025 Earnings call January 13, 2026 08:30 AM ET Company ParticipantsJamie Dimon - Chairman and CEOMike Mayo - Managing Director and Head of U.S. Large-cap Bank ResearchJeremy Barnum - CFOGerard Cassidy - Managing DirectorEbrahim Poonawala - Head of North American Banks ResearchChristopher McGratty - Head of U.S. Bank ResearchKen Usdin - Managing DirectorBetsy Graseck - Managing DirectorConference Call ParticipantsJim Mitchell - Senior Equity AnalystErika Najarian - Managing Direc ...

Financial Data and Key Metrics Changes - The firm reported net income of $13 billion and EPS of $4.63 for Q4 2025, with an ROTCE of 18% [2] - Full year net income was $57.5 billion, EPS of $20.18, and revenue of $185 billion, with an ROTCE of 20% [3] - Revenue for Q4 was $46.8 billion, up 7% year on year, driven by higher markets revenue and asset management fees [2] - Expenses increased to $24 billion, up 5% year on year, primarily due to higher volume and revenue-related expenses [2] Business Line Data and Key Metrics Changes - Consumer and Community Banking (CCB) reported net income of $3.6 billion, with revenue of $19.4 billion, up 6% year on year [4] - Corporate and Investment Banking (CIB) net income was $7.3 billion, with revenue of $19.4 billion, up 10% year on year [5] - Asset and Wealth Management (AWM) reported net income of $1.8 billion, with revenue of $6.5 billion, up 13% year on year [6] Market Data and Key Metrics Changes - Markets fixed income revenue was up 7% year on year, while equities revenue increased by 40% [6] - Long-term net inflows in AWM were $52 billion for the quarter and $209 billion for the full year, positive across all channels and asset classes [6] Company Strategy and Development Direction - The company is focused on making necessary investments to secure its position against both traditional and non-traditional competitors [11] - The integration of the Apple Card is expected to enhance modernization and user experience in the card business [36] - The company anticipates strong client engagement and deal activity in 2026, supported by constructive market dynamics [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macroeconomic environment for 2026, citing consumer resilience and ongoing stimulus [48] - Concerns were raised about potential regulatory impacts, particularly regarding credit card APR caps, which could affect access to credit [40] - The company expects NII ex-Markets to be about $95 billion for 2026, with modest growth in consumer deposits anticipated [10][50] Other Important Information - The company ended the quarter with a standardized CET1 ratio of 14.5%, down 30 basis points from the prior quarter [3] - The elevated level of advanced RWA is expected to reduce to approximately $30 billion in the near term [4] Q&A Session Summary Question: Stablecoin issue and its impact on banks - Management acknowledged the risks posed by a parallel banking system without appropriate regulation and emphasized the importance of consumer benefits [16][20] Question: Deposit growth despite new checking accounts - Management indicated that yield-seeking flows and a lower savings rate are limiting deposit growth, despite strong account openings [21][23] Question: Credit card business and Apple Card acquisition - The acquisition is seen as economically compelling, with expectations for enhanced user experience and integration challenges due to differing technology stacks [36][43] Question: Credit card APR caps and industry impact - Management discussed the competitive nature of the card ecosystem and the potential negative consequences of price controls on credit access [40][42] Question: NII outlook and balance sheet growth - Management provided insights on expected card loan growth and the challenges in achieving deposit growth compared to previous years [50][52]

Financial Reporting Schedule - Major financial institutions are set to report earnings starting with JPMorgan Chase & Co. on Tuesday morning, followed by Bank of America Corporation, Wells Fargo & Company, and Citigroup Inc. on Wednesday [1] - The reporting continues with Morgan Stanley, Goldman Sachs Group Inc., and BlackRock Inc. on Thursday, maintaining the focus on financials [1] - The following Tuesday will see a significant number of reports, with 20 companies reporting, including Netflix Inc. after market close and various financial institutions throughout the day [1]

每经AI快讯，1月13日，摩根大通股价在盘前交易中回吐涨幅，最新上涨0.2%。 ...

Market Overview - U.S. stock markets are experiencing volatility as investors react to inflation data and the start of the fourth-quarter earnings season, with major indexes previously closing at record highs [1][5] - Premarket trading showed a mixed trend, with Nasdaq 100 futures down 0.2% to 0.3%, and S&P 500 and Dow Jones futures declining by 0.1% to 0.2% [2] - Following the release of the December Consumer Price Index (CPI), futures for major indexes reversed earlier declines, with Nasdaq 100, S&P 500, and Dow Jones futures rising by 0.2%, 0.2%, and 0.1% respectively [3] Commodities and Currency - Gold futures remained stable near record highs, while silver futures surged to an all-time high of $87.56 per ounce [4] - WTI crude oil futures increased by approximately 2% to $60.70 per barrel, influenced by geopolitical tensions and potential tariffs on countries doing business with Iran [4] - Bitcoin was trading around $92,000, and the U.S. dollar index rose by 0.1% to 98.92 [4] Earnings Reports - The fourth-quarter earnings season commenced, with JPMorgan Chase & Co. reporting a drop in profit due to a one-time charge, but excluding this charge, profits increased [8][13] - Delta Air Lines experienced a premarket decline of 4-5% after releasing profit forecasts that fell short of market expectations [13] - Other companies reporting include Bank of New York Mellon and Concentrix, with Delta's results particularly scrutinized for insights into the travel industry's health [8] Stock Movements - L3Harris Technologies shares surged by 11-12% after announcing plans to spin off its Missile Solutions business, supported by a $1 billion investment from the Defense Department [13] - Chipmakers Intel and AMD saw gains of 3.6% and 2.6% respectively, following an upgrade to "overweight" by KeyBanc due to strong data-center demand [13] - Alphabet's stock rose by 0.68% after achieving a $4 trillion market valuation, bolstered by news of Google Gemini enhancing Apple's Siri [13] Other Corporate News - Xpeng Inc. ADR shares dipped 2.63% despite plans to establish localized supply chain teams in Europe and ASEAN [13] - Travere Therapeutics saw a significant slump of 28% after an FDA request for clarification on its therapy's clinical benefits [13] - Synopsys shares fell 2.3% following a downgrade to "neutral" by Piper Sandler, citing growth headwinds [13] - Credit card companies stabilized in premarket trading after experiencing declines due to proposed caps on interest rates [13] - Walmart gained on news of its inclusion in the Nasdaq 100 index [13]

Core Viewpoint - The banking industry is considering legal action against President Trump's proposal to impose a 10% cap on credit card interest rates, as it may lead to negative consequences for consumers and the economy [1][3]. Group 1: Industry Response - JPMorgan Chase's CFO Jeremy Barnum indicated that the industry might litigate against the proposed credit card price controls, stating that "everything's on the table" if the directives are not justified [1]. - Barnum emphasized the responsibility to shareholders in responding to potentially harmful regulations [1]. Group 2: Economic Implications - Industry insiders believe that implementing an interest rate limit would lead to fewer credit card accounts and reduced consumer spending, as companies may withdraw accounts rather than operate at a loss [2]. - The current average credit card interest rate is 19.7%, with higher rates for subprime borrowers and store-specific cards [2]. Group 3: Consequences of Regulation - Barnum argued that the proposed actions would likely have the opposite effect of what the administration intends, potentially reducing the supply of credit rather than lowering costs for consumers [3]. - The anticipated reduction in credit availability could negatively impact consumers, the broader economy, and the banking sector itself [3].

Core Viewpoint - JPMorgan Chase reported a decline in quarterly profit due to a $2.2 billion reserve related to its acquisition of a credit card partnership with Apple, despite a strong underlying performance in trading [1][3]. Financial Performance - Quarterly earnings fell to $13 billion, or $4.63 per share, down from $14 billion, or $4.81 per share, in the same quarter last year [1]. - Excluding the one-time reserve impact, quarterly profit increased to $14.7 billion, or $5.23 per share, driven by strong trading performance [3]. Economic Outlook - CEO Jamie Dimon stated that the U.S. economy remains resilient, with healthy business conditions and consumer spending continuing [4]. - Despite some softening in labor markets, conditions are not worsening, supported by fiscal stimulus and recent monetary policy from the Federal Reserve [4]. Market Conditions - Market revenue at JPMorgan increased by 17% in the fourth quarter, with fixed income rising by 7% and equity surging by 40% [8]. - Concerns about a bubble in AI stocks and potential corrections in equities have made markets jittery [6]. Credit Card Partnership - JPMorgan is establishing a $2.2 billion provision for credit losses in anticipation of new credit card customers from Apple, indicating a cautious approach to the new portfolio [13]. - The credit card industry is facing potential changes due to a proposal to cap interest rates at 10%, although analysts are skeptical about its implementation [14].