JPMorgan Underwhelms With NII Guide. Debt Underwriting Strong

JPMorgan fired the starting gun on US earnings season Friday with what looked like a beat on most key metrics. There was an important caveat: Q1 NII looked a little short, as did the full-year forecast. Net interest income for the quarter rose 11% YoY to $23.20 billion. The Street wanted $23.22 billion. Excluding First Republic -- which Jamie Dimon bought "way" back last year after a botched rescue attempt -- NII rose 5%. As the figure below shows, Q1 marked the first sequential NII decline (-