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JPM Tops 4Q Estimates, Cuts Dimon’s Compensation

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    FBN’s Diane Macedo breaks down the stories moving the markets around the world.

  • Duration 5:12
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Hi everyone I'm -- CDO and it's a big day for bank earnings for getting numbers in now from JPMorgan Chase and -- McDonnell is in the newsroom.

To break them all down for -- pilots.

Yeah looks like JPMorgan Chase is coming right on the nose.

Diane we're seeing a -- sixteen and then -- got the revenue coming in Sweden 24 point four billion.

-- trying to four point four billion dollars so are the expectation was about sixteen is coming at a dollar 39.

Diane.

And what's crossing the wires now was still waited to hear whether or not JPMorgan Chase will announce that it will release adding that internal report.

About the -- investigation of the six billion dollars in trading losses from last year isn't a very important point is gonna indicate whether or not the bank will cut bonuses for top executives including Jamie Dimon.

This is coming -- within days of before formally meant by -- enforcement act and actions against a bank.

SEC CFTC UK and dad are still probing.

Also a senate panel headed by car level eleven is still probing the bank.

Due to unsafe and unsound banking practices no job cuts yet to be announced at JPMorgan Chase.

And this runs counter to what's going on at Morgan Stanley Goldman Sachs Citigroup and Bank of America where you do see.

Deep job cuts there -- they have -- those banks have been posing worrying signs.

The -- -- Sachs as a stand out there as in terms about layoffs but what we're seeing it and it with JPMorgan Chase Jamie Dimon saying challenges still exists.

But as we look forward to 2013.

We remain optimistic -- -- what's going on here is analysts expect a flat investment banking environments through the first half of this year.

-- the fiscal -- worries debt ceiling worries us a flat revenue year for the bank's overall a slowdown in traditional lending.

Stretching balance sheets so the banks are looking to make profits off of slim.

-- revenue increases in a tight regulatory environment.

Through training activities for their through their fixed income tax and so what we're seeing essentially is -- challenges still exist at JPMorgan Chase.

But the bank overall is still remaining optimistic back to Diane.

-- about 39 an earnings not bad that's live McDonnell in the newsroom thankless.

Let's check the markets now here in the US futures are sort of searching for direction now we had red arrows across the board.

Earlier this morning hours in the NASDAQ turn things up up almost two points there Dow futures are still down by about 36 though as is the S&P now in Europe.

Markets followed Asia lower ahead of those bank earnings here in the US is well we have London still down by about 35 Ferris is down -- little more than six point.

And Frankfurt's down almost twenty -- let's take a closer look at what's moving those markets now with Louise Cooper of Cooper city consultancy.

Over in London Louise and we have all these earnings coming in now this morning we already have.

Bank of New York Mellon JPMorgan Chase US Bancorp so we think so far.

First of all bank earnings are pretty difficult to analyze.

Ahead of reset to a very big bank wants it to -- united -- You can always make the headings what you want them to -- say.

That is a big issue with -- numbers and all -- owls -- of various accounting standards board.

As to -- -- the rules about the fast coming out of the late night.

When looking at a quick comment -- Biden cuttings.

It is interesting that -- bank stocks were incredible strong performance last year but in the states and in Europe.

However I would suggest that the progressed towards the is much further ahead in the states that in Europe even though the stocks -- recovered pretty much yet but it's like that not very strongly.

And -- European Central Bank governing council member over in Europe is forecasting that the eurozone economy will contract in -- -- -- thirteen.

But we'll have a turning point in the first quarter and we'll start to grow again and when he fourteen what do you make of that announces.

Well we have the well I come out this global growth full cost today and -- -- -- assigned to a slight contraction for this yet.

If you look at -- -- estimates that the full cost of 2013.

-- no point 1% contraction across the whole of the euros.

Say maybe she's kind of pretty much what you would -- what is being expected.

Interestingly -- -- the fourteenth Valentine's.

Day.

It is when the Euro is that fox -- -- -- -- all come out with a full court to GDP numbers that will be very kindly walk.

All right -- -- who -- great hang on -- banks in our gonna go back over to Liz.

But some more news on -- bank earnings and you know with the what's interesting is Jamie Dimon is coming up pretty quickly with comments about traditional banking activities at JPMorgan Chase Diana success there are nuts April credit conditions -- and seeing.

Wholesale.

Loan markets improving in the credit card portfolio also improving at the bank so what we're talking about -- remember these banks are forced to forgo profitable trading activities -- proprietary trading desk.

Others the -- -- a traditional lending so what we're seeing is from Jaime diamonds comments here.

As at the bank clearly has a beat of a buck 39 vs estimates of a -- sixteen.

And what he's saying is essentially we are doing plain Vanilla banking success that's a story here that he -- all right GMAC from the newsroom thankless Imus in the morning continues right now.

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