For Wall Street banks reporting earnings this week, it was largely a hit—or, for two big names, a stunning miss. Goldman Sachs gave investors exactly what they wanted, while JPMorgan Chase and Bank of America gave them reason to flinch.
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.
