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Bond Market News
JPMorgan and Citi Report Soft Earnings; Wells Fargo Tops Estimates
January 17, 2022
JPMorgan reported its Q4 earnings with net income of $10.4bn, down 14% YoY and net revenues of $30.3bn, up 1%. Fixed-income trading revenue fell 16% to $3.3bn vs. a 13.5% decline expected. Total trading revenue fell 11% vs. a 9% expected fall. Equities trading revenue fell, down 2% to $1.95bn. Besides, expenses rose 11% to $17.9bn. On the positive side, M&A fees rose 86% to $1.56bn making it the best ever quarter for the business. Its CET1 ratio stood at 13%, down 10bp YoY. JPMorgan’s bonds were flat with its 4% Perp at 99.88, yielding 4.04%.
Citigroup reported Q4 earnings with net income of $3.2bn, down 26% YoY and net revenues of $17bn, up 1%. It reported an 18% YoY rise in operating expenses to $13.5bn leading to the decline in profits which saw a a “pre-tax impact” of about $1.2bn with regard to the sale of its consumer banking businesses in Asia. Expenses within the bank’s global banking division surged by 33% YoY. Fixed Income revenues were at $2.5bn, down 20% and Equity revenues were at $785mn, down 3%. ITs CET1 ratio stood at 12.2%, up 50bp YoY. Citigroup’s bonds were stable with its 4.7% Perp at 101.5, yielding 3.4%.
Wells Fargo reported revenues of $20.9bn, topping estimates of $18.8bn and net income of $5.75bn, an 86% YoY rise. Results were helped by a $875mn loan-loss reserve release. For more details on Well Fargo’s earnings, click here.
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