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Wells Fargo Beats Earnings Estimates While JP Morgan Falters

  +Follow January 14, 2014 10:49AM
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As the first earnings season of 2014 kicks into full gear, one of the largest financial institutions in America reported numbers that far exceeded expectations, indicating that the turnaround for the banking sector is possibly more robust than the already optimistic projections.

Wells Fargo & Co (WFC) reported fourth quarter and full year earnings on Jan 14, posting an uptick of 10 percent over the same period in the year prior. Their numbers stand in contrast to those posted by scandal-ridden JP Morgan Chase & Co. (JPM) , who suffered billions in expenses in conjunction with myriad improprieties.  

While JP Morgan still dwarfs Wells Fargo in size, with only $1.5 trillion in assets to JP Morgan’s $2.4 trillion, Wells Fargo enjoys a relatively squeaky reputation compared to their competitor, and has avoided both the regulatory scrutiny and massive fines heaped on JP Morgan.

In the last 12 months, JP Morgan shelled out over $20 billion in fines and settlements for improprieties ranging from securities fraud to bribery to energy price fixing. The costs in the fourth quarter alone accounted for a $0.27 per-share loss for JP Morgan.

Wells Fargo Sees Revenues Slide, But Profit Increases

For their fourth quarter 2013 earnings report, Wells Fargo reported a net gain of $5.6 billion, or $1.00 per share, versus the net profit of $5.06 billion, or $0.91 per share, from the same period a year ago. Revenue for the quarter was $20.7 billion, as compared to $22 billion from the previous year. Analysts were expecting a profit of $0.98 per share on revenues of $31.62 billion.

Wells Fargo's reported profit for FY 2013 was $21.9 billion, a 16 percent increase from FY 2012.

JP Morgan’s Slightly Beats Revenue Yet Profit Drops 7.3 Percent

For their fourth quarter 2013 earnings report, JP Morgan reported a net gain of $5.28 billion, or $1.30 per share, versus the net profit of $5.7 billion, or $1.39 per share, from the same period a year ago. Revenue for the quarter was $24.1 billion, as compared to $24.3 billion from the previous year. Analysts were expecting a profit of $1.35 per share on revenues of $24.083 billion.

JP Morgan's reported profit for FY 2013 was $17.9 billion, compared to $21.3 billion the previous year, representing a 16 percent decrease.

Following their respective earnings reports, by midday trading on Jan 13 both JP Morgan and Wells Fargo were flat. Wells Fargo was unchanged at $45.56 a share, and JP Morgan gained .07 percent to hit $57.74, as the heavy regulatory fines had already been factored in by the market.

 

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for jpm
Juan Diego PeñaCanal
19 Sep 14 10:51:55
RT @bespokeinvest: At $94 per share, $BABA will have a larger market cap than $JPM and any of the other firms managing the IPO.
Carolyn B Miciano
19 Sep 14 10:42:28
Swing trading ideal for busy folks. Complete roadmap http://t.co/yLZsCIoFks $JPM $BA $BAC
Stock Moo
19 Sep 14 10:42:06
$jpm: Retirement Funds Are Loading Up on Stocks Again http://t.co/eJNL81qnCu
danrocks
19 Sep 14 10:37:11
$MLHC keeping this on watch $JPM $HOT $ETAK $VOIS $EBAY http://t.co/EgTBA7SUH4
BUZZ Just-In
19 Sep 14 10:33:55
These assets are seeing a jump in tweets $V $LNKD $DD $JPM $DAX http://t.co/7jFeP0gpNI
clayton
19 Sep 14 10:33:35
$JPM 61.34 http://t.co/ZBa8ODnUIE
ninjaDONNY
19 Sep 14 10:23:42
RT @TSTbanking: Citigroup, Bank of America, and JPMorgan Chase are finally showing signs of life: http://t.co/wcAbVhQ8yA $C $BAC $JPM http:…
I. Barros
19 Sep 14 10:22:29
RT @valuewalk: Home Depot Credit Card Breach Bigger Than Target's http://t.co/5fXPF1zsj8 $HD $TGT $COF $JPM $SVU $PFCB
chartguy89
19 Sep 14 10:21:55
WMT Stock Chart $WMT $JPM $GRCU $NKE http://t.co/1UV0vXUv2T http://t.co/LCxLAIZOtB
  The  TURK
19 Sep 14 10:19:53
RT @valuewalk: Home Depot Credit Card Breach Bigger Than Target's http://t.co/5fXPF1zsj8 $HD $TGT $COF $JPM $SVU $PFCB
Stock Wire
19 Sep 14 10:19:40
Brit PLC's Overweight Rating Reaffirmed at JPMorgan Chase & Co. (BRIT) $JPM http://t.co/9AINJZISiw
Stock Wire
19 Sep 14 10:19:39
JPMorgan Chase Announces Redemption of $1.7 Billion of Fixed/Floating Rate ... $JPM http://t.co/Zn2az7cXPL
ValueWalk
19 Sep 14 10:18:46
Home Depot Credit Card Breach Bigger Than Target's http://t.co/5fXPF1zsj8 $HD $TGT $COF $JPM $SVU $PFCB
Marco DiPompeo
19 Sep 14 10:16:53
RT @bespokeinvest: At $94 per share, $BABA will have a larger market cap than $JPM and any of the other firms managing the IPO.
NASDAQ
19 Sep 14 10:16:34
$JPM - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/0Gulp4TRfA
Dan
19 Sep 14 10:14:01
$JPM OI for maturity 09/20/2014. 52.50 Highest put. 57.50 Highest call. http://t.co/8JZpO1wl7q
Hedge Fund of One
19 Sep 14 10:04:14
Which $BABA underwriter will take lead in supporting low of day? $CS $DB $GS $JPM or $MS (back for another round of fingerpointing). :-)
Stock Signaling
19 Sep 14 10:01:03
25 Stocks To Watch: http://t.co/Vtx6dLy0Nw : $PDLI $TCBI $FHN $CNQR $JPM $TRP $GNC $DD $SCHW $ARCB $RDN $ILMN $AEO $BLDP $AREX #wallstreet
Dan
19 Sep 14 10:00:05
$JPM Max Pain is 57.50 for maturity 09/20/2014. Last close = 61.24. http://t.co/j6OqiZb0cp
Stock Wire
19 Sep 14 09:59:59
Thomas Cook Group plc Given Overweight Rating at JPMorgan Chase & Co ... $JPM http://t.co/FcW2e15JpS
StockExpert
19 Sep 14 09:51:50
$RGDO Wish I had 15 Million Dollars I would Buy 50% Of This Company take control of 73 Million Dollars in Cash $AAPL $FB $BAC $C $JPM $SPY
Liz C
19 Sep 14 09:51:14
RT @jpmorgan: The $JPM #FinLab aims to identify tools to help consumers increase savings, improve credit and build assets: http://t.co/xg0S…
chartguy89
19 Sep 14 09:46:45
TVIX Stock Chart $TVIX $WCP.TO $GRUB $JPM http://t.co/CEAlVY6SyX http://t.co/5hxn2LN1nI
TalkMarkets
19 Sep 14 09:44:33
Bank Stock Roundup $JPM $CS $COF $MS $DB $WFC $C $GS $BAC... http://t.co/lRH74Zn1qu
TopstepTrader
19 Sep 14 09:36:02
$BABA $237 Billion mkt cap. $JPM $230 B
TopstepTrader
19 Sep 14 09:35:36
$BABA is bigger than $JPM. think about that.
LIFT
19 Sep 14 09:35:32
RT @jpmorgan: The $JPM #FinLab aims to identify tools to help consumers increase savings, improve credit and build assets: http://t.co/xg0S…
Carolyn B Miciano
19 Sep 14 09:27:47
Dangers on highly correlated positions http://t.co/QS0uCeLh5Z $JPM $BA $BAC
Stock Wire
19 Sep 14 09:26:48
JPMorgan Chase Now #12 Largest Company, Surpassing Procter & Gamble $JPM http://t.co/WfOdleCS4u
Stock Wire
19 Sep 14 09:26:46
Rite Aid Rating Reiterated by JPMorgan Chase & Co. (RAD) $JPM http://t.co/3OphGBClAe
Mark Newton
19 Sep 14 09:24:33
Based on $92.49, $BABA is worth nearly the same as $WMT, $JPM -Crazy that #Alibaba on 1st day worth more than banks that brought it Public
Howie Chamberlain
19 Sep 14 09:23:56
RT @bespokeinvest: At $94 per share, $BABA will have a larger market cap than $JPM and any of the other firms managing the IPO.
dettmahhfahhka™
19 Sep 14 09:21:29
RT @bespokeinvest: At $94 per share, $BABA will have a larger market cap than $JPM and any of the other firms managing the IPO.
Ankit Shah
19 Sep 14 09:17:12
RT @bespokeinvest: At $94 per share, $BABA will have a larger market cap than $JPM and any of the other firms managing the IPO.
Techinsidr
19 Sep 14 09:08:51
$baba is valued more than $JPM and $PG - pretty amazing
Ted Strauss
19 Sep 14 09:07:20
RT @bespokeinvest: At $94 per share, $BABA will have a larger market cap than $JPM and any of the other firms managing the IPO.
Don L Hanke
19 Sep 14 09:03:42
RT @bespokeinvest: At $94 per share, $BABA will have a larger market cap than $JPM and any of the other firms managing the IPO.
BUZZ Just-In
19 Sep 14 09:03:35
Tickers trending on TWTR in last 1 hour $Coca-Cola $JPM $BABA $JNJ $CAT http://t.co/JJEl2pwaJH
Stock Signaling
19 Sep 14 09:01:43
Movers and Shakers: Making Range Advances: $PDLI $JD $GNC $SLM $TRP $ARNA $VVUS $FHN $ONTY $CY $SD $AIG $FANG $JPM $MCHX #nasdaq #investing
shrynne
19 Sep 14 08:59:48
RT @bespokeinvest: At $94 per share, $BABA will have a larger market cap than $JPM and any of the other firms managing the IPO.
FinanzLinksUSA
19 Sep 14 08:57:39
RT @bespokeinvest: At $94 per share, $BABA will have a larger market cap than $JPM and any of the other firms managing the IPO.
gocanes
19 Sep 14 08:57:10
RT @bespokeinvest: At $94 per share, $BABA will have a larger market cap than $JPM and any of the other firms managing the IPO.
PakistanResearch
19 Sep 14 08:57:00
RT @bespokeinvest: At $94 per share, $BABA will have a larger market cap than $JPM and any of the other firms managing the IPO.
Gabriela Huerta
19 Sep 14 08:56:03
$BABA sale a 92.70 usd! con un market cap mayor al de $JPM y los demas colocadores @ElFinanciero_Mx
Ivan Theodoulou
19 Sep 14 08:55:55
RT @bespokeinvest: At $94 per share, $BABA will have a larger market cap than $JPM and any of the other firms managing the IPO.
Tony is Trading
19 Sep 14 08:55:07
RT @bespokeinvest: At $94 per share, $BABA will have a larger market cap than $JPM and any of the other firms managing the IPO.
Chandler Selah
19 Sep 14 08:54:51
RT @bespokeinvest: At $94 per share, $BABA will have a larger market cap than $JPM and any of the other firms managing the IPO.
Jordan Hutchison
19 Sep 14 08:54:26
RT @bespokeinvest: At $94 per share, $BABA will have a larger market cap than $JPM and any of the other firms managing the IPO.
Gianluca Tucci
19 Sep 14 08:54:25
RT @bespokeinvest: At $94 per share, $BABA will have a larger market cap than $JPM and any of the other firms managing the IPO.
Fortune 500 Inc
19 Sep 14 08:53:36
RT @jpmorgan: The $JPM #FinLab aims to identify tools to help consumers increase savings, improve credit and build assets: http://t.co/xg0S…
				
				
  +Follow January 14, 2014 10:49AM
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