JPMorgan's CEO Jamie Dimon is the best on Wall Street

Posted Jul 17th 2008 1:10PM by Jonathan Berr
Filed under: Earnings Reports, Good news, Press Releases, JPMorgan Chase (JPM)

Shares of JPMorgan Chase & Co. (NYSE:JPM) soared today after the New York-based bank reported second quarter results that were not as lousy as expected.

They were terrible of course. Net income fell 53% to $2 billion, or 54 cents a share, ahead of the 44-cent average estimate of analysts surveyed by Bloomberg News. Net revenue fell 3% to $18.4 billion, beating the $16.6 billion average Bloomberg estimate.

The results, though, underscore how well the company has fared under the leadership of CEO Jamie Dimon.

Here are some highlights:

Investment banking fees were $1.7 billion, their second highest quarter ever.
Net income in commercial banking rose 25% to $355 million.
Net income was a record $425 million in Treasury and Security Services, up 21% from a year earlier.
Equity underwriting fees rose 6% to $542 million.
Fix income markets revenue dropped only 4% driven largely by net markdowns of $696 million on leveraged lending funded and unfunded commitments, as well as mortgage-related net markdowns of $405 million.

The straight-talking Dimon did not mince words about the challenges that lie ahead for JPMorgan, saying in the release, "Our expectation is for the economic environment to continue to be weak – and to likely get weaker – and for the capital markets to remain under stress.... In spite of the environment, we are confident that we are building an increasingly strong and profitable company."

But unlike many on Wall Street, Dimon can walk the walk and talk the talk.

Tags: featured, inthenews, investment banking, investment banks, InvestmentBanking, InvestmentBanks, jaime dimon, JaimeDimon, JPM, nasdaq, nyse, wall street, WallStreet

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Reader Comments (Page 1 of 1)

7-17-2008 @ 1:46PM

jdmchico said...

THE Prince of Citi knows how the run his JPM Chase Empire unlike his rivials which are scrambling for $$$. So sad that Sandy Weil fudge up big time i know Citigroup is kicking their rears!

7-17-2008 @ 1:44PM

Frank said...

THE Prince of Citi knows how the run his JPM Chase Empire unlike his rivials which are scrambling for $$$. So sad that Sandy Weil fudge up big time i know Citigroup is kicking their rears!

8-25-2008 @ 12:32PM

Shannon said...

I think it's sick that jp morgan (and its competitors) are charging fees in the billions. they are loan sharks and if the average person (this is who they are attacking) would really sit down and look at the fees, overall, they would be sick to their stomachs. You see banks and CC companies know that the average consumer is blind to the fees so they keep increasing them and not just increasing, but adding fees where they never existed before. Most of what these companies are, intentionally, doing to consumers should be against the law. It's really very sad to see struggling consumers ruining their credit because they can NEVER pay down or off their balanaces due to rising interest rates and fees, fees, fees, fees..............It's such a shame!!!!! JP Morgan is one of the biggest loan sharks out there!!!!!!!!!!!!!!!!!!!!!