Andrew Harrer | Bloomberg | Getty Images
Jamie Dimon, chief executive officer of JPMorgan Chase & Co.
JPMorgan Chase is scheduled to report second-quarter earnings before the market opens on Friday.
Here’s what Wall Street expects:
- Earnings: $2.22 per share, expected by Thomson Reuters
- Revenue: $27.36 billion, forecast by Thomson Reuters
- Net income: $7.69 billion, according to a FactSet estimate, 9.4 percent higher than the year-ago period.
The biggest U.S. bank by assets is also the first major lender to report earnings, giving investors a glimpse into how the finance industry’s Wall Street and Main Street businesses fared in the quarter. J.P. Morgan said in May that it expected revenue from its trading division to be about flat from the year earlier because of several one-time charges, including a $100 million hit related to a tax-oriented fixed-income unit.
After reshuffling his key deputies and announcing the creation of a healthcare startup in January and disclosing plans for a soaring new headquarters in February, CEO Jamie Dimon was relatively quiet in the second quarter. In May, the bank said it had submitted an application to the Chinese securities regulator for a new majority-owned securities business there. Last month, J.P. Morgan, Berkshire Hathaway and Amazon announced that Harvard professor Atul Gawande would lead the healthcare startup.
The bank also got approval from the Federal Reserve to boost its quarterly dividend to 80 cents per share from the current 56 cents in the third quarter and repurchase up to $20.7 billion in shares.
Shares of J.P. Morgan are roughly unchanged for the year, compared with the 1.1 percent decline of the KBW Bank Index.
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