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JP Morgan Earnings "...When You Include Litigation Expenses"

scott
edited October 2013 in Off-Topic
CNBC announcement just now "Net income of $1.42 per share - that's when you exclude reserves brought back and litigation expenses."

"Considering litigation expenses and reserves you're looking at a loss of 17 cents per share."

Holy crap!

Edited to add:

"Even as recently as a few weeks ago, JPMorgan (JPM) had no clue litigation expenses would have escalated to where they are now," says CFO Marianne Lake on the earnings call"

So the CFO had no idea litigation would have escalated to this point.
http://seekingalpha.com/currents/post/1324172

Comments

  • CharlesCharles
    edited October 2013
    Talk about destruction of capital. But, market seems to be ignoring...stock up another 1.5% earlier. Maybe rethinking...now only 0.5%.
  • CharlesCharles
    edited October 2013
    WFC reports record $5.6B in earnings due to "diversity and risk management." The chairman also pleaded case for partisan cooperation in DC to avoid unnecessary default and reopen government. "Balance sheet never been stronger." But stock is down about 2.7% because lower mortgage earnings...dropped over 1% during earning call. Rebounded by call's end: Now down only 0.9%. Strong and broad customer growth. Very bullish long term on America, despite current "non-helpful" situation in DC. Five years after "merger" with Wachovia.
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