A Wall Street, the quarterly season opens in chiaroscuro. Profits and revenues above expectations for JP Morgan, which, however, dropped 3,7% in the pre-market due to the sharp decline in trading revenues (-13%), higher than forecasts. Specifically, net income was down 14% year over year in the fourth quarter of 2021, to $10,4 billion, equal to an EPS of $3,33. However, the figure is better than expected: according to Refinitiv, the consensus was $3,01. Quarterly revenues were $29,3 billion.
Full-year 2021 net income hits record $48,3 billion on higher-ever investment banking fee revenues and lower-than-expected losses on non-performing loans of pandemic.
The title of Citigroup on the other hand, it dropped 4% after the institute published quarterly profits down 26%, albeit on revenues higher than estimates. The company blamed the decline in profits on a sharp increase in expenses.
In the three months to December, the New York bank posted net income of $3,173 billion, or $1,46 per share, while revenues rose 1 percent to $17,017 billion. Analysts were expecting a profit of 1,39 dollars per share with a turnover of 16,85 billion. For the full year, profits jumped 99% to $21,952 billion, while revenues fell 5% from 2020 to $71,884 billion.
Also Wells Fargo it recorded profits and revenues above expectations, with a net profit up 86% on an annual basis, and for this reason it gained 1,8% in the pre-market.
Quarterly also published by BlackRock, which fell 1,5% in the premarket after becoming the first listed asset manager to reach $10.000 trillion in assets.
