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JPMorgan, Dimon Pass Earnings Test With Flying Colors
JPMorgan kicked off big bank earnings with a very solid set of results, particularly under the circu
I know he gets a ton of help, but Dimon (unlike, say, Greg Becker) is an excellent CEO.
A large regional bank, PNC, reported this morning. For next qtr F1Q, guidance was net interest income -3% QOQ, non-interest expense +1-2% QOQ, which back of envelope suggests EPS -11% QOQ or $3.53 vs consensus $3.98. If the same pct cut were to apply to F2-4Q, then FY23 EPS would go from $14.38 to $12.60, -12-13%. Which is about what the stock is down since 3/9/2023. PNC -2% today. Regionals avg -1-2% today vs large banks +1%, market seems still pretty cautious on the group.