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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.

 

Results for jpm
Terikan
17 Apr 14 14:05:25
Jim Cramer's Trust Portfolio http://t.co/XWdtnTBioE Too many movers to list this week with $JPM and $CIEN down and $NBL and $CVX up more.
Silvana Orozco
17 Apr 14 14:02:37
$WWAV Is it breakout time on $JPM $ADP $CSIQ #investing http://t.co/m8v46m5gtz
Stock Signaling
17 Apr 14 14:01:12
Profitable Stocks: Recently Upgraded: $AINV $MCC $V $MTB $PSEC $GMLP $SB $SDRL $SFUN $IBN $HTGC $EVC $LADR $JPM $ceo http://t.co/3gvJLENZtD
Stock Herald
17 Apr 14 14:01:06
$JPM: Wells Fargo In Good Shape, But The Street Knows It http://t.co/70R0HaaEVu
$Stocknewsalerts
17 Apr 14 13:45:41
$JPM New SEC Document(s) for JPMorgan Chase & Co.
Informer
17 Apr 14 13:43:35
$JPM: Wells Fargo In Good Shape, But The Street Knows It http://t.co/NTE6hTofMd
Informer
17 Apr 14 13:39:05
$JPM: Top Fed officials consider enforcement issue at closed meeting http://t.co/hmx0oCtCY9
SNN Team
17 Apr 14 13:38:30
$JPM - Wells Fargo In Good Shape, But The Street Knows It -> http://t.co/CKV9B7rir1 #stock #stocks #stockaction
StockNewsNet
17 Apr 14 13:30:02
$JPM - Top Fed officials consider enforcement issue at closed meeting -> http://t.co/wkop9OXw6t #stock #stocks #stockaction
JPU
17 Apr 14 13:28:45
RT @SeekingAlpha: Earnings Comments On Bank Of America http://t.co/tFadm45pJ6 $JPM $C $WFC $BAC
Informer
17 Apr 14 13:23:08
$JPM: How a 56-Year-Old Engineer’s $45,000 Loss Spurred SEC Probe http://t.co/pcuHjyXjhl
Informer
17 Apr 14 13:18:37
$JPM: [video] Cramer: JPM went from gold to copper http://t.co/1UU2TtanbD
James Callahan
17 Apr 14 13:07:13
Guess who doubled-down on $TLT - yep, me; also started a swing in $JPM and $CVS with profits from playing $NFLX weeklies today; all's good.
StockNews24
17 Apr 14 12:59:48
$JPM - [video] Cramer: JPM went from gold to copper -> http://t.co/iKPd74zdLW #stock #stocks #stockaction
StockNews24
17 Apr 14 12:46:42
$JPM - How a 56-Year-Old Engineer’s $45,000 Loss Spurred SEC Probe -> http://t.co/rMhFOzqgoP #stock #stocks #stockaction
octavio
17 Apr 14 12:44:02
........speaking of bs/transparency/risk aversion, saw this whilst banking $JPM http://t.co/qg7WXLQ7C9
Damien S. Faucher
17 Apr 14 12:42:34
$JPM ADTRAN Given "Neutral" Rating at JPMorgan Chase & Co. (ADTN) http://t.co/4fzsEBkCaX
GavinGreenberg
17 Apr 14 12:36:08
$JPM: Why Yellen says banks can self-insure against liquidity risk http://t.co/ZBo2dhlbi3
Jack Sparrow
17 Apr 14 12:33:04
Mercenary Links April 17th: Ramping Up http://t.co/Nnh5TPPHZU $JPM $C $BAC $RSX $FXI $EURUSD
Damien S. Faucher
17 Apr 14 12:31:05
$JPM Business events scheduled for Friday http://t.co/8eYrvJvubv
StockNewsNet
17 Apr 14 12:30:30
$JPM - Why Yellen says banks can self-insure against liquidity risk -> http://t.co/FWfujTvPXn #stock #stocks #stockaction
GavinGreenberg
17 Apr 14 12:30:06
$JPM: Morgan Stanley, Goldman Sachs Beat On Mixed Results http://t.co/HciuJyxioq
Damien S. Faucher
17 Apr 14 12:25:34
$JPM Business events scheduled for Friday http://t.co/rzMYEx8xbz
Dennis Kneale
17 Apr 14 12:15:05
RT @Sital: "Lumpy" litigation-battered banks aren’t sure what’s next: http://t.co/FZYDeZ8qJM $GS $JPM $C $BAC $MS $WFC
Sital S. Patel
17 Apr 14 12:14:41
"Lumpy" litigation-battered banks aren’t sure what’s next: http://t.co/FZYDeZ8qJM $GS $JPM $C $BAC $MS $WFC
Rachel Louise Ensign
17 Apr 14 12:04:30
RT @pmjgross: More $JPM employees dedicated to anti-money-laundering than financial regulators at Treasury, OCC & #Fed combined http://t.co…
SNN Team
17 Apr 14 11:53:11
$JPM - Morgan Stanley, Goldman Sachs Beat On Mixed Results -> http://t.co/aehyUMdKj6 #stock #stocks #stockaction
Damien S. Faucher
17 Apr 14 11:45:34
$JPM Why Yellen says banks can self-insure against liquidity risk http://t.co/TGObwHKMT3
Teodor Gareth
17 Apr 14 11:40:36
$JPM Federal Housing Finance Agency, Plaintiff v. JPMorgan Chase & Co., et al ... http://t.co/HdqhJAS1PE
Damien S. Faucher
17 Apr 14 11:40:05
$JPM JPMorgan Chase & Co. Reiterates "Hold" Rating for Franklin Resources (BEN) http://t.co/xwDbZG7VFX
Stock Wire
17 Apr 14 11:32:40
Federal Housing Finance Agency, Plaintiff v. JPMorgan Chase & Co., et al ... $JPM http://t.co/DimYGY89TQ
Blair Jensen
17 Apr 14 11:24:08
StockTwits Top 10 Portfolio flat on the month. $aa $amd $f $ge $jpm $msft $mu $spwr $t $z http://t.co/MbLCXViyHU
Oracle of Wall St
17 Apr 14 11:16:08
Bank of America $BAC spent $6 billion in legal fees last quarter. (Source: http://t.co/z6seHu3LDX) $C $JPM $WFC $MS http://t.co/6m39CGWeRu
Best Trader
17 Apr 14 11:13:59
$JPM Look for market to get a lift into close. Sell target $55.90 next week. pre/post market data included. http://t.co/frCPEzeHuM
Stock Herald
17 Apr 14 11:13:06
$JPM: Amid frigid winter, Goldman, Morgan Stanley see commodity gains http://t.co/tIVgUXmNJ4
Teodor Gareth
17 Apr 14 11:12:35
$JPM JPMorgan Chase & Co. Reiterates “Overweight” Rating for Comerica (CMA) http://t.co/9mWEXIZwOd
Quantpost Financial
17 Apr 14 11:10:21
$JPM News Alert: http://t.co/05uHqyOvsv Updated options view: https://t.co/Jm5VWfUMPb All options views: https://t.co/PvJLWA3RsQ
Seeking Alpha
17 Apr 14 11:10:11
Fast And Furious Dividend Growth To Start 2014 http://t.co/h5RRTjzBQK $BAC $WFC $JPM $PEP $CSCO $DLN $DTD
Stock Wire
17 Apr 14 11:08:50
JPMorgan Chase & Co. Reiterates “Overweight” Rating for Comerica (CMA) $JPM http://t.co/xDH3nKVfLF
Briefing.com
17 Apr 14 11:03:16
#Earnings Preview Q1 2014 http://t.co/Xe9T9R4Xa6 #economy #Sectors #weather #EPS $BAC $JPM $SPY #TheBigPicture
LoveStockNews
17 Apr 14 10:57:22
$JPM - Amid frigid winter, Goldman, Morgan Stanley see commodity gains -> http://t.co/l2xQKGOxX1 #stock #stocks #stockaction
Damien S. Faucher
17 Apr 14 10:39:06
$JPM Amid frigid winter, Goldman, Morgan Stanley see commodity gains http://t.co/MI98BNEJXP
Johnson and Toxin
17 Apr 14 10:36:43
Johnson & Johnson: A corrupt embarrassment to the global healthcare system. http://t.co/U7ip7mCty0 @NYTimes @JimCramer #obama #JNJ $JNJ $JPM
OTPicks.com
17 Apr 14 10:33:50
http://t.co/QkCFZ8q0T8 danrocks: $FDO Hitting Buzz $JPM $GLD $GHDX $JPM $PEIX: danrocks http://t.co/8logKdLBPv http://t.co/QkCFZ8q0T8
WallStreet
17 Apr 14 10:32:53
$JPM - JPMorgan Chase & Co. (NYSE:JPM): Not Looking For Short Term Gains - http://t.co/5MAYRD9vKQ
4-traders.com
17 Apr 14 10:30:08
Amid frigid winter, Goldman, Morgan Stanley see commodity gains http://t.co/rQxX7KZ9mO $DBK $JPM $DTE $GS $MS
4-traders.com
17 Apr 14 10:15:03
JPMorgan Chase : Chase Earns Record Five TNS Choice Awards For Outstanding Performance http://t.co/OsbxDJI1Wy $JPM
Teodor Gareth
17 Apr 14 10:12:12
$JPM Federated Investors Given New $26.50 Price Target at JPMorgan Chase & Co. (FII) http://t.co/ZhDwjYYkKD
Informer
17 Apr 14 10:11:06
$JPM: [video] Fifth Third CEO: Regulatory environment challenging http://t.co/3YwZC7vpWs
Stock Wire
17 Apr 14 10:08:47
Federated Investors Given New $26.50 Price Target at JPMorgan Chase & Co. (FII) $JPM http://t.co/BvGThm1p6H
				
				
  +Follow January 14, 2014 10:49AM
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