JPMorgan Kicks the Door Down on Earnings Expectations
JPMorgan Chase (NYSE:JPM) has emerged from the financial crisis as arguably the strongest megabank in the United States. CEO Jamie Dimon navigated the firm through the crash and recovery with few blunders. JPMorgan stock is up more than 23 percent this year to date and nearly 62 percent year over year, handily outperforming the S&P 500 although lagging the gains experienced by some of its peers like Citigroup (NYSE:C), Barclays (NYSE:BCS), and Bank of America (NYSE:BAC).
But with a new earnings season comes another opportunity to set itself apart. The financial industry is changing more quickly now than ever and — par for the course in banking — only the best will survive the onslaught of regulatory reform, economic headwinds, and rapidly shifting consumer and business demand.
With this in mind, JPMorgan kicked the door down when it got out of bed Friday morning, reporting earnings before the bell that beat analyst expectations.