Banking, finance, and taxes
J.P. Morgan Beats on Earnings, CEO Dimon Pay Cut in Half
Published:
J.P. Morgan Chase & Co. (NYSE: JPM) is seeing shares play a little give-back this morning after the largest bank by deposits has reported it fourth-quarter earnings as $5.3 billion. That came to $1.39 per share, and revenue rose 10% to $24.4 billion. Thomson Reuters was calling for $1.16 per share. The sales figure was before the impact of an accounting charge.
The bank’s board of directors completed its review of the $6 billion 2012 London Whale trading loss. Its board decided to halve CEO Jamie Dimon’s pay as a result of the losses. Dimon will get by just fine, as this cut was a reduction to $11.5 million from $23.1 million the prior year. Other charges were tied to the mortgage unit and debit valuation adjustments, with extraordinary gains tied to reduced mortgage loan loss reserves and another boost in the corporate unit.
J.P. Morgan shares closed at $46.35 yesterday and are down more than 1% so far this morning at $45.80. The bank listed its book value as $51.27 per share and its tangible book value as $38.75 per share.
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
