The Teamsters union, which represents more than 10,000 United Airlines maintenance technicians, said on Wednesday it will resume negotiations with the carrier this week.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Shreya Biswas)
Shares of JPMorgan Chase (JPM) increased during premarket trade on Wednesday following the release of the banking behemoth’s fourth-quarter results, which above analysts’ forecasts.
With $42.77 billion in sales, the largest bank in the world by market value posted a $14.0 billion profit. According to Visible Alpha’s poll, analysts anticipated $11.92 billion and $41.49 billion, respectively.
The discrepancy between interest-bearing assets’ revenue and interest-bearing liabilities’ expenses—which was $23.35 billion—was higher than the $22.93 billion consensus estimate.
“The U.S. economy has been resilient. Unemployment remains relatively low, and consumer spending stayed healthy, including during the holiday season. Businesses are more optimistic about the economy, and they are encouraged by expectations for a more pro-growth agenda and improved collaboration between government and business,” JPMorgan CEO Jamie Dimon said.
“However, two significant risks remain. Ongoing and future spending requirements will likely be inflationary, and therefore, inflation may persist for some time. Additionally, geopolitical conditions remain the most dangerous and complicated since World War II,” Dimon added.
The firm’s investment banking revenue rose 46% from the same time last year, as JPMorgan’s fees across its products were 49% higher than last year.
JPMorgan shares were up 1.5% immediately following Wednesday’s report. They had gained roughly 45% over the past year through Tuesday’s close.
JPMorgan Kicks Off Q4 Earnings Season
As the major banks begin the fourth-quarter earnings season, JPMorgan, along with competitors Goldman Sachs (GS), Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC), will all be releasing their results this week.
As its investment banking and asset management divisions expanded during the previous 12 months, JPMorgan largely exceeded forecasts in the first three quarters of fiscal 2024.
