Morning Notes

Posted by Ray on July 16, 2009 under Main | Be the First to Comment

JP Morgan released earnings this morning and as expected they were good. However, if they did not have their brokerage division they would have suffered with the rest of the banking industry. The fees generated by investment banking and trading had a very large role to play in the firm beating expectations and delivering the $.28 per share profit.

Defaults on loans, credit cards and mortgages continued to rise and were “offset by investment banking” according to the firm. Of course, getting rid of mark-to-market was also more than likely a reason for the strong showing. The earnings are good news, but you would have to be a fool to think they were not going to at least meet if not beat expectations.

I am sure Bank of America will also roll in with good earnings and Citi, well they will probably suck.