JPMorgan Traders, Bankers Top Third-Quarter Estimates

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00:00Yeah, a lot of red headlines here for JP Morgan. Let's start with the capital markets and trading

00:04revenue. Equity sales and trading revenue, where JP Morgan is a leader here, $3.33 billion handily

00:10beating the consensus estimate of $3.04 billion. When it comes to fixed sales and trading revenue,

00:15$5.61 billion. Analysts were looking for somewhere in the neighborhood of $5.33 billion.

00:22Investment banking revenue, $2.69 billion, also higher than what was anticipated. Remember,

00:27this was a quarter in which there was a lot of IPO activity. There was a lot of M&A activity,

00:32and all of that shows up in these numbers here. Jamie Dimon also making some comments saying that

00:38the firm continued to benefit from higher client activity. We had gotten some kind of setup from

00:43the firm that things were looking pretty good, and the anticipation heading into these results was for

00:48a beat and raise kind of quarter, especially for the likes of JP Morgan and Goldman Sachs, which we'll

00:53be reporting a little bit later on this morning. In addition, let me just give you some more comments

00:58from Jamie Dimon. He is saying that the U.S. economy generally remained resilient. And this

01:02is critical here because we are in a data vacuum. Without any government data, investors are really

01:08looking towards these set of results to shed some light on how companies are doing and how consumers

01:13are doing. And so far, so good, at least when you look at the capital market side of the equation.

01:18Dimon continues to say there continues to be a heightened degree of uncertainty,

01:21so cautious as always. When you look at some of the bottom line numbers here,

01:26earnings per share for the quarter was $5.07. If we were comparing like with like,

01:31the consensus estimate was for $4.83. That is a big beat as well. Dimon saying some signs of

01:37softening are emerging, particularly in job growth. So again, as much as he says the U.S. economy is

01:43generally resilient, he does add a degree of caution when it comes to job growth and the uncertainty

01:48out there, especially when you think about the macro environment with all the tariffs or tariff

01:53threats flying around.