The job cut will be taken place and different locations and it will affect different positions. The JP Morgan Bank currently has strength of 12000 employees globally. The company to shed off another 100 jobs in second round of consideration of job cuts.
The company’s focus area will be to manage wealth of rich clients and for that JP Morgan requires $10 million to invest in the beginning of the next year. Currently, bank is having $5 million of investing surplus.
The JP Morgan Chase & Co. (JPM)’s stock up to $64.71 and 1.97% compare to previous close on Tuesday morning. Strong revenue growth of past 9 years out of 10 years figured out at $5.8 billion in 2015. The stock of JP Morgan strengthens on count of upwards curve movement in profit margins and very attractively priced stock at current levels.
The company has recently reported $5.5 billion in net income, $1.35 in EPS, and 12% return on tangible common equity of $24 billion revenue. Company enjoys strong financial performance, straight forward earnings, and marching towards robust growth despite of the fact that market was in downturn during the corresponding period. JP Morgan’s card volumes growth were single digit though but consumer deposits growth were doubled this year which is significantly higher. Company enjoys 17% of core loan growth of firm which makes JP Morgan on sound footage. Despite of volatility and uncertainty in global market, company’s wholesale business also grew to expectations.
There was some movement in oil prices in March from low of previous months but one significant item included in firm’s revenue is oil and gas reserves. Credit cost of $529 million of oil and gas and $162 million of metals and mining reserves which are as per market expectations. Company has suffered charge offs of $48 million because of technical difficulties and $4.75 because of guidance loss on the other hand.
Expenses of the company was down on lower sales and not on any expense guidelines of $13.9 billion to 2%. Revenue was down to $1.5 billion of non-interest income. However, biggest drivers of growth were fixed income market revenue and lower IBCs for investment banking operations.
JP Morgan’s advance fee ratios were up to 11.7% though down compare to 11.9% standardized. Improvement in both the ratios was due to net capital generation. As expected inventory levels were low as spots balance sheet up $70 billion quarter on quarter reflecting growth in deposits and increase in trading assets and secure financing activities.
JP Morgan’s SLR moved upwards to 6.6% and return on 3 billion of net capital to shareholders this quarter, which includes net purchases of $1.3 billion and common dividend of $0.44 per share. FED didn’t object JP Morgan’s increase plan of capital which will result in incremental capacity for repurchases.
Analysts have given “BUY” call to JP Morgan)’s stock with overall rating of ‘A’ grade. The market experts have given rating on the risk return average of past 12 months and not on any single day.