JPMorgan just reported first-quarter earnings that beat on the top and bottom lines.
The firm on Wednesday reported earnings per share of $1.35 on revenue of $24.08 billion.
Analysts were expecting earnings per share of $1.24 on revenue of $23.80 billion, according to Bloomberg.
"We delivered solid results this quarter with strong underlying drivers," CEO Jamie Dimon said in a statement.
"While challenging markets impacted the industry, we maintained our leadership positions and market share in the Corporate & Investment Bank and Asset Management, reflecting the strength of our platform."
Earnings, however, are down significantly from the same quarter last year, when JPMorgan reported EPS of $1.61 on revenue of $24.82 billion.
The firm missed expectations on investment-banking revenue but beat on trading. Revenues in all of the major divisions were down from the same quarter last year.
Here's the breakdown:
  • Investment-banking revenue was $1.23 billion ($1.36 billion expected), down 24% year-on-year. That was driven by lower debt and equity underwriting fees, the firm said.
  • Trading revenue came in at $5.17 billion ($4.58 billion expected), down 11% year-on-year.
  • Fixed-income trading revenue came in at $3.59 billion ($3.23 billion expected), down 13% year-on-year. That reflects "an increase in the rates business which was more than offset by lower performance across asset classes," the firm said.
  • Equity trading came in at $1.58 billion ($1.35 billion expected), down 5% year-on-year.
Last quarter, JPMorgan beat on the top and bottom lines, reporting earnings per share of $1.32 ($1.28 expected) on revenue of $23.7 billion ($23.24 billion expected).
The first quarter is typically the strongest for investment banks, but analysts are expecting an unusually weak Q1 earnings season on Wall Street this year.
Choppy trading conditions in early 2016, fears over China's growth, and a collapsed oil price are thought to have created a "perfect storm" for banks. Investment-banking revenue is down 36% across the Street, according to preliminary Q1 data from Dealogic — its lowest level since 2009. More on that here.
Bank of America and Wells Fargo will report fourth-quarter earnings at 6:45 a.m. and 8 a.m. on Thursday.