Category: Companies / January 13, 2014 1:38 PM EST
JPMorgan Chase & Co. (NYSE:JPM) is expected to report fiscal fourth-quarter earnings of $1.32 per share on revenue of $23.81 billion, according to analysts polled by Reuters. A year ago, the investment bank issued a profit of $1.39 per share on revenue of $24.38 billion.
Keith Bliss, senior vice president and director of sales & marketing at Cuttone & Co., Inc., weighs in on fourth-quarter earnings season and what investors should expect to hear from the financial sector this week, including earnings from JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Co. (NYSE:WFC), Bank of America Corp. (NYSE:BAC), Citigroup Inc. (NYSE:C) and Goldman Sachs Group Inc. (NYSE:GS).
"I'm sure they'll [JPMorgan] be signaling to investors and analysts and traders alike, what they see for the future," said Bliss.
Last week, federal prosecutors announced a $1.7 billion settlement with JPMorgan, the largest bank forfeiture in history to resolve anti-money laundering violations. The firm was hit with two felony charges in connection with its relationship with Bernard Madoff.
“Today, the largest financial institution in the country stands charged with two criminal offenses," said Manhattan U.S. Attorney Preet Bharara. "Institutions, not just individuals, have an obligation to follow the law and to police themselves. They must exercise due care not only with their own money but with other people’s money also. In this case, JPMorgan connected the dots when it mattered to its own profit, but was not so diligent otherwise. Fortunately, with today’s resolution, the bank has accepted responsibility and agreed to continue reforming its anti-money laundering practices. Most importantly, the victims of Bernie Madoff’s epic fraud are $1.7 billion closer to being made whole.”
On Monday, shares of JPMorgan edged down 0.97 percent to $57.92 in afternoon trading.