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Wall Street’s earnings split: Goldman’s $18.7 billion blowout quarter—and why JPMorgan and BofA fell short
JPMorgan announced its first earnings miss in almost three years, while Goldman delivered its second-highest quarterly net revenue ever. A $1.2 billion regulatory penalty weighed on Bank of America’s already lackluster quarter.
JPMorgan set the tone early Tuesday morning. For the first time in nearly three years, the nation’s largest bank by assets and market capitalization—about $888.1 billion—fell short of expectations on both profit and revenue. JPMorgan reported $50.17 billion in net revenue, below the $51.22 billion analysts expected. Earnings per share came in at $5.57 versus $5.90, according to S&P Global Market Intelligence. The company’s earnings were weighed down by a slump in fixed-income trading and higher expenses. Fixed-income trading revenue fell 4% year over year to $5.4…
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