JPMorgan Chase tops estimates on fixed income, investment banking as Wall Street hums

JPMorgan Chase on Tuesday posted first quarter results that topped expectations on stronger-than-expected fixed income and investment banking revenue.

Here’s what the company reported:

• Earnings: $5.94 a share vs. $5.45 LSEG estimate
• Revenue: $50.54 billion vs. $49.17 billion estimate

Banks have enjoyed tailwinds for the past few quarters, from a rebound in investment banking and trading activity to stable consumer credit.

This year, though, markets have been roiled by concerns over disruption from the latest artificial intelligence models, the risks posed by private credit and the Iran war that began in late February.

Analysts will be keen to hear what JPMorgan CEO Jamie Dimon has to say about his outlook for loan defaults, as well as any concerns he might have about the credit cycle and geopolitical risks created by the war in the Middle East.  

Goldman Sachs, a rival to JPMorgan when it comes to trading and investment banking, on Monday posted first-quarter results that topped expectations on record Equities trading revenue.

Citigroup and Wells Fargo are out with their results Tuesday, while Bank of America and Morgan Stanley will report on Wednesday.

This story is developing. Please check back for updates.