{"id":188570,"date":"2023-04-14T12:45:00","date_gmt":"2023-04-14T16:45:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=188570"},"modified":"2023-04-17T12:00:30","modified_gmt":"2023-04-17T16:00:30","slug":"jp-morgan-and-the-other-banks","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/jp-morgan-and-the-other-banks\/","title":{"rendered":"JP Morgan and the Other Banks"},"content":{"rendered":"\n<p>The banking industry seems to be taking a cue from the music business.&nbsp; We\u2019re all familiar with plenty of acts featuring \u201csomeone\u201d and \u201cthe rest of the band\u201d.&nbsp; Bruce Springsteen and the E Street Band, Paul McCartney and Wings, and Bob Marley and the Wailers are three of the first that come to mind.&nbsp; Today\u2019s kickoff to earnings season has me wondering whether the banking industry can fit into that construct as well.&nbsp; It seems to be JPMorgan Chase (JPM) and the Other Banks.<\/p>\n\n\n\n<p>The bank earnings that were released this morning &#8212; and the market\u2019s reaction to them \u2013 seem to echo that theme.&nbsp; We heard from JPM, Citigroup (C), Wells Fargo (WFC) and PNC Financial (PNC) before the market opened.&nbsp; All beat estimates: PNC and WFC by about 9%, C by about 13% and JPM by about 21%.&nbsp; Around midday we see PNC trading lower by -2.5%, WFC essentially unchanged, C up by over 3% and JPM up an outstanding 7.5%. &nbsp;&nbsp;<\/p>\n\n\n\n<p>JPM is clearly the star of today\u2019s show.&nbsp; A key factor in the rally came as they boosted its full year net interest income to $81 billion from $73 billion.&nbsp; It is clear that JPM benefitted even more than its peers from concerns that arose in the wake of the failure of Silicon Valley Bank (SIVBQ) and others.&nbsp; Money flowed in droves, they paid relatively little for those deposits, and JPM has been able to use it productively.&nbsp; It\u2019s relatively foolproof right now.&nbsp; If they can attract deposits while only paying a few basis points of interest and turn around and lend it to the Federal Reserve via its <a href=\"https:\/\/www.newyorkfed.org\/markets\/desk-operations\/reverse-repo\">Reverse Repo Facility<\/a> at the current 4.80% overnight rate, that\u2019s a really good business model.&nbsp; I\u2019m oversimplifying, but that certainly goes a long way to JPM\u2019s success.<\/p>\n\n\n\n<p>It was logical to anticipate that something like this would occur; the surprise is the extent to which JPM benefitted even more than the other \u201ctoo big to fail\u201d peers that reported today.&nbsp; This is where JPM\u2019s primacy is most evident.&nbsp; Those who pulled funds from a smaller bank looking for a safer home seemed to have disproportionately sent it to JPM.&nbsp; CEO Jamie Dimon has become one of the faces of the industry, and his bank has become a well-managed flagship.&nbsp; This is how they benefit.<\/p>\n\n\n\n<p>To be fair, Mr. Dimon was relatively diplomatic in his commentary during the earnings call.&nbsp; He was complimentary toward the regional banks whose deposits he received and pointed out that the deposits that flowed in could easily flow back out.&nbsp; He also minimized the likelihood that there are large numbers of troubled banks waiting in the wings.&nbsp; He seemed to recognize that even though his bank benefitted from concerns about smaller peers, it would be unseemly to appear to gloat or foster those concerns.&nbsp; It could be a concern that doing so runs the risk of greater regulatory scrutiny, or simply statesmanship.<\/p>\n\n\n\n<p>(That said, his counterpart in the fund management industry, Larry Fink at Blackrock (BLK), was hardly reticent about crediting the bank woes for higher-than-expected inflows to his market-leading but less regulated organization)<\/p>\n\n\n\n<p>The largest global banks took heart from JPM\u2019s results.&nbsp; We haven\u2019t heard yet from Bank of America (BAC), but they are up 3% on the trends revealed today. &nbsp;A bounce commensurate with C seems about right.&nbsp; We also saw HSBC, Barclays (BCS), UBS (UBS) and Societe Generale all jump shortly after 6:45 EST, which was when JPM\u2019s results were released.&nbsp; The specifics of each of those banks is a bit different than the largest US banks, but the takeaway is that size has its benefits to a large bank\u2019s bottom line.<\/p>\n\n\n\n<p>It&#8217;s not all good news for banks, though.&nbsp; PNC is trading lower because their net interest margin fell because of higher funding costs.&nbsp; <a href=\"\/campus\/traders-insight\/securities\/stocks\/this-time-im-glad-that-banks-go-first\/\">We noted this concern<\/a> earlier this week, We will learn next week to what extent this is a pervasive problem among the next tier of banks.&nbsp;<\/p>\n\n\n\n<p>But today is all about JPM and its backup band, the rest of the world\u2019s biggest banks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The banking industry seems to be taking a cue from the music business.  We\u2019re all familiar with plenty of acts featuring \u201csomeone\u201d and \u201cthe rest of the band.&#8221;  Today\u2019s kickoff to earnings season has me wondering whether the banking industry can fit into that construct as well.  It seems to be JPMorgan Chase (JPM) and the Other Banks.<\/p>\n","protected":false},"author":4,"featured_media":188571,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14700,6,8,9,22,26,3],"tags":[14920,3216,246],"contributors-categories":[13576],"class_list":{"0":"post-188570","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-stocks","12":"category-text-articles","13":"category-traders-insight","14":"tag-bank-sector","15":"tag-bank-stocks","16":"tag-banks","17":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>JP Morgan and the Other Banks | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"The banking industry seems to be taking a cue from the music business. 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