CEO Jamie Dimon said it’s “silly” to expect a new president not to have some growing pains.
Investment banking revenue jumped 34%.
After the administration’s early stumbles, CEO Jamie Dimon said on JPMorgan’s Thursday earnings call that a “sausage-making period” is bound to occur early in a new president’s term, and he said not to expect smooth sailing.
In January, CEO Jamie Dimon said he was “neither euphoric nor depressed” about regulatory conditions but said he felt the Trump administration “will do the right thing for America.”
Consumer banking revenue rose 1% to $7.82 billion.
as mentioned in The KBW analysts are interpreting the settlements as a sign that the worst is behind Wells Fargo.
Analysts Brian Kleinhanzl and Michael Brown raised their price target from $53 to $63 for Wells Fargo and from $56 to $69 for Citigroup.
Higher rates have Keefe, Bruyette & Woods analysts optimistic about bank earnings, and the firm upgraded both Citigroup Inc (NYSE: C) and Wells Fargo & Co (NYSE: WFC) Wednesday.
“ … The clouds of uncertainty have parted from our view,” Kleinhanzl and Brown said.
Federal data indicates bank loan growth may come in lower than projected at the beginning of 2017, Kleinhanzl and Brown said in a note.
Citigroup, Wells Fargo Upgraded; Tenet A Buy; Teradyne PT Hiked
Citigroup, Wells FargoKeefe, Bruyette & Woods upgraded Citigroup and Wells Fargo to outperform, setting a price target of 69 on Citigroup, which reports earnings next week, and a price target of 63 on Wells Fargo.
Citigroup (C) and Wells Fargo (WFC) were upgraded to outperform Wednesday, while Tenet Healthcare (THC) and United Health Services (UHS) were started at buy, and Teradyne’s (TER) price target was hiked.
Citigroup stock lost its gains and ended the day down 0.2% to 59.59 on the stock market today.
Deutsche Bank set a price target of 28 on Tenet, and a PT of 145 on United Health Services.
RELATED:JPMorgan, Goldman Sachs Lead Bank Stock Rally, But Not For LongTeradyneCitigroup hiked its price target on Teradyne to 39 from 32.
collected by :Maolly Tony