Banking, finance, and taxes
J.P. Morgan Beats on Earnings, CEO Dimon Pay Cut in Half
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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.
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