JPMorgan Chase kicked off bank earnings season with a strong start Friday.
The banking giant reported $41.9 billion revenues in the first quarter of 2024, up 9% from the same period last year and topping analysts’ projected $41.674 billion. JPMorgan also posted earnings per share (EPS) of $4.44, surpassing the $4.17 expected by analysts, according to estimates compiled by FactSet. In the first quarter of 2023, the bank saw earnings of $4.10 per share.
Net income came in at $13.4 billion, up from $12.6 billion during the same period last year.
JPMorgan is coming off of a red hot 2023. The largest U.S. bank by assets saw $49.6 billion in profits last year, including a $4.1 billion windfall from its acquisition of First Republic Bank. JPMorgan scooped up the San Francisco-based bank last May amid the regional banking crisis.
The bank has undergone some reshuffling over the last few months, giving a number of key executives “new and increased responsibilities” and installing new leadership in its capital markets and investment banking divisions.
In its annual proxy statement, the board of directors said it has been particularly focused on succession planning as it seeks potential replacements for its long-serving CEO. Top contenders for the coveted position include Jennifer Piepszak and Troy Rohrbaugh, the newly appointed co-CEOs of the bank’s expanded commercial and investment bank; Marianne Lake, CEO of consumer and community banking (who oversaw much of the First Republic acquisition); and Mary Erdoes, CEO of asset and wealth management.
This is a developing story and will be updated.