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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
Matt Egan
27 Aug 14 13:09:46
#FBI probing whether #Russia is tied to #JPMorgan hacking, @BloombergNews reports: http://t.co/j3uIIjKkGq $JPM #Russia
mjfb
27 Aug 14 13:07:37
RT @News_Denise: #Breaking JP Morgan Chase hacked, FBI probing Russia link, sanctions retaliation $JPM @BloombergNews
Sital S. Patel
27 Aug 14 12:59:26
FBI probes possible computer hacking incident at J.P. Morgan: http://t.co/3HFaEnLiHQ $JPM
12Stocks.com
27 Aug 14 12:59:21
S&P100 #Stocks Trend $UNH $DOW $PFE $HPQ $AMZN $VZ $MDLZ $LLY $AMGN $SLB $GILD $AAPL $CAT $MET $MRK $JPM $EBAY @ http://t.co/n4QZIDxy7w
12Stocks.com
27 Aug 14 12:58:46
Dow #Stocks Trend $UNH $PFE $VZ $CAT $MRK $JPM $IBM $CVX $XOM $HD $KO $TRV $GS $WMT $V $AXP $T $GE $DIS $NKE $PG @ http://t.co/TvzJfd0RGT
Livermore's Lounge
27 Aug 14 12:55:37
#breakingnews FBI investigating $Russ ties $JPM and one other bank -if I read that correctly-double check
Harrison Finberg
27 Aug 14 12:52:30
RT @valuewalk: Shake Shack Picks Banks To Take It Public http://t.co/o0kPsey3cA $JPM $MS $CMG
Jesse Hamilton
27 Aug 14 12:48:50
FBI Said to Be Probing Whether Russia Tied to JPMorgan Hacking http://t.co/HDuFFwWxc9 via @BloombergNews $JPM
Mae
27 Aug 14 12:44:11
$JPM: Feds probe Russian tie to JPMorgan hacking http://t.co/wdXFbNYCCp
David J. Lynch
27 Aug 14 12:44:11
RT @taralach: FBI Said to Be Probing Whether Russia Tied to JPMorgan Hacking http://t.co/zhyA0CuD8t $JPM
Johnny Trades
27 Aug 14 12:39:03
RT @MarketCurrents: Feds probe Russian tie to JPMorgan hacking http://t.co/YTe4JvuHL9 $JPM
Quantpost Financial
27 Aug 14 12:38:07
$JPM News Alert: http://t.co/y5umFXadFu Updated options view: https://t.co/klj7v6g23P All options views: https://t.co/70xv7VQT5H
MarketCurrents
27 Aug 14 12:38:05
Feds probe Russian tie to JPMorgan hacking http://t.co/YTe4JvuHL9 $JPM
Puja Murgai
27 Aug 14 12:38:01
RT @taralach: FBI Said to Be Probing Whether Russia Tied to JPMorgan Hacking http://t.co/zhyA0CuD8t $JPM
Tara Lachapelle
27 Aug 14 12:37:37
FBI Said to Be Probing Whether Russia Tied to JPMorgan Hacking http://t.co/zhyA0CuD8t $JPM
Mohamed Sadiq Ali
27 Aug 14 12:36:51
RT @HedgeLy: $JPM $XLF “@BloombergTV: BREAKING: FBI said to be probing whether Russia tied to JPMorgan hacking”
Tommy Bland
27 Aug 14 12:35:08
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rich!
27 Aug 14 12:34:46
Russian hackers attacked the U.S. financial system in mid-August, infiltrating & stealing data from JPMorgan $JPM http://t.co/63xTzecTxP
The Last Don
27 Aug 14 12:32:17
RT @HedgeLy: $JPM $XLF “@BloombergTV: BREAKING: FBI said to be probing whether Russia tied to JPMorgan hacking”
Sellputs
27 Aug 14 12:31:44
RT @HedgeLy: $JPM $XLF “@BloombergTV: BREAKING: FBI said to be probing whether Russia tied to JPMorgan hacking”
Hedge Accordingly
27 Aug 14 12:31:34
$JPM $XLF “@BloombergTV: BREAKING: FBI said to be probing whether Russia tied to JPMorgan hacking”
$Stocknewsalerts
27 Aug 14 12:30:25
$JPM New SEC Document(s) for JPMorgan Chase & Co. From our Stock News Alerts App
EquityC
27 Aug 14 12:29:04
RT @valuewalk: Shake Shack Picks Banks To Take It Public http://t.co/o0kPsey3cA $JPM $MS $CMG
Adam Samson
27 Aug 14 12:28:49
.@BloombergNews: FBI is probing a Russian connection in apparent hacking at $JPM. No comment from @NewYorkFBI.
EquityC
27 Aug 14 12:28:34
$JPM hacked, FBI thinks could be retaliation for Russia sanctions http://t.co/lcFcG4LymN
Stock News Guru
27 Aug 14 12:28:30
$JPM: Chico's Q2 Earnings Not So Chic, Marked Down http://t.co/0H9PAVHKTj http://t.co/4yv0GU9seZ
OPTIONS/STOCK EXPERT
27 Aug 14 12:26:03
$JPM Hackers stole data from JPMorgan, another U.S. bank this month, Bloomberg says
Denise Pellegrini
27 Aug 14 12:23:43
#Breaking JP Morgan Chase hacked, FBI probing Russia link, sanctions retaliation $JPM @BloombergNews
annmarie
27 Aug 14 12:19:33
FBI said to be probing whether #Russia tied to JPMorgan hacking $JPM
Dividend Master
27 Aug 14 12:19:27
@joshh031 @zerg_rush01 cue to hedgie's prime brokered @ $JPM in panic mode checking their cash positions , etc .......
Caroline Schaberg
27 Aug 14 12:18:50
FBI said to probe whether Russia was tied to JPMorgan hacking $JPM @BloombergTV
TKOSTOCK$
27 Aug 14 12:10:56
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PennyStock Zone
27 Aug 14 12:01:22
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Allen
27 Aug 14 11:53:13
Adding to $JPM Long
 Jarek Munia
27 Aug 14 11:46:41
RT @jpmorgan: $JPM structured GHIF invests in South Korean biopharma company to create new Cholera Vaccine: http://t.co/q7HA37TUOr #impinv
Reggie Sanchez
27 Aug 14 11:10:16
SEC Stiffens Rules on Loan-Backed Securities http://t.co/DFENBKqJSi via @daily_finance $JPM $C $GS
Steve Goldstein
27 Aug 14 10:56:59
RT @PhilipvanDoorn: Big U.S. banks prepare to make even more money http://t.co/ZZGu7ICh0J $BAC $JPM $C @MarketWatch
Philip van Doorn
27 Aug 14 10:56:33
Big U.S. banks prepare to make even more money http://t.co/ZZGu7ICh0J $BAC $JPM $C @MarketWatch
J.P. Morgan
27 Aug 14 10:30:22
Structured by $JPM & @GatesFoundation, the GHIF aims to provide financing for tools that fight health challenges in low-income areas.
Biz News Pioneer
27 Aug 14 10:28:33
$JPM: JPMorgan Chase & Co. Begins Coverage on Healthequity (HQY) http://t.co/m4Ot2W7QZA http://t.co/loMTWU0m0R
RCV
27 Aug 14 10:23:57
@SquawkCNBC @TheChartress @Matt_Belvedere OK So you think $DIS goes to 45 $JPM to $30 $PG to 42 $T to 17 with 11% yield ! @TheStreet
Fortune 500 Inc
27 Aug 14 10:02:26
RT @jpmorgan: $JPM structured GHIF invests in South Korean biopharma company to create new Cholera Vaccine: http://t.co/q7HA37TUOr #impinv
J.P. Morgan
27 Aug 14 10:00:10
$JPM structured GHIF invests in South Korean biopharma company to create new Cholera Vaccine: http://t.co/q7HA37TUOr #impinv
Media Sentiment
27 Aug 14 09:54:51
$JPM received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 261
Market Int Center
27 Aug 14 09:50:28
JPMorgan $JPM Showing Bullish Technicals With Support At $59.13 ( http://t.co/EIhnhmBv5C )
Annie
27 Aug 14 09:39:54
Looking for some retracement to add longs $BA $QCOM $JPM. I need some financial stock ideas... way underweighted
Jassem el Mahmoud
27 Aug 14 09:37:56
$JPM trying to get through $60 but not successful so far. Next resistance would be March high of $61.48
Mike Smith
27 Aug 14 09:31:46
RT @jpmorgan: $JPM & @GatesFoundation structured GHIF announces new $5MM investment into low-cost Cholera vaccine: http://t.co/q7HA37TUOr …
Fortune 500 Inc
27 Aug 14 09:31:06
RT @jpmorgan: $JPM & @GatesFoundation structured GHIF announces new $5MM investment into low-cost Cholera vaccine: http://t.co/q7HA37TUOr …
J.P. Morgan
27 Aug 14 09:30:05
$JPM & @GatesFoundation structured GHIF announces new $5MM investment into low-cost Cholera vaccine: http://t.co/q7HA37TUOr #impinv
				
				
  +Follow January 14, 2014 10:49AM
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