JPM
JPMorgan Q1 results strengthen on investment banking, equity markets revenue
- JPMorgan Chase (NYSE:JPM) Q1 earnings beat the average analyst on
strong global investment banking fees and equity market revenue.
- Consumer spending is recovering to pre-pandemic levels, up 14% Y/Y,
reflecting strong momentum in travel & entertainment spend (up 50% in
March
vs. February), but consumers aren't adding to their debt, the bank said.
- "With all of the stimulus spending, potential infrastructure spending,
continued Quantitative Easing, strong consumer and business balance
sheets
and euphoria around the potential end of the pandemic, we believe that
the
economy has the potential to have extremely robust, multi-year growth,"
JPMorgan CEO Jamie Dimon said.
- Still, JPM shares fall 0.6% in premarket trading.
- Sees FY2021 net interest income ~$55B, market dependent; adjusted
expense of ~$70B, and card...