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In This List

JPMorgan takes 13-cent-per-share hit from wholesale credit costs

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good


JPMorgan takes 13-cent-per-share hit from wholesale credit costs

on April13 reported first-quarter net income applicable to common stockholders of $4.99billion, or $1.35 per share, compared to $5.45 billion, or $1.45 per share, forthe same period in 2015.

Thebottomline suffered a 13-cent-per-share hit from wholesale credit costs.

TheS&P Capital IQ consensus estimate for normalized EPS was $1.26 for thethree months ended March 31, 2016.

Netrevenue declined 3% year over year to $24.08 billion, largely due to lowerfixed income markets revenue and investment banking fees, according to a Form8-K recently filed by the company. Noninterest expense dropped 7% year overyear to $13.84 billion, primarily due to lower legal, and corporate andinvestment bank compensation expense.

Meanwhile,the provision for credit losses grew, totaling $1.82 billion, compared to $1.25billion in the linked quarter and $959 million in the first quarter of 2015, predominantlydue to reserve increases in the first quarter of 2016 versus reserve releasesin the prior-year quarter. The reserve increases reflected an increase inwholesale reserves of $713 million, primarily driven by downgrades, including$529 million in oil and gas and natural gas pipelines, and $162 million inmetals and mining.

Resultsby segment include a 17% year-over-year increase in net income for assetmanagement to $587 million, while consumer and community banking's net incomerose 12% year-over-year $2.49 billion. The corporate and investment bank's netincome went down 22% from a year ago to $1.98 billion, while commercialbanking's declined 17% year over year to $496 million.

Overallheadcount climbed to 237,420, from 234,598 at the end of the previous quarter.