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JPMorgan's Jamie Dimon gushes about tax cuts

You can count JPMorgan Chase CEO Jamie Dimon as another big fan of President Trump's corporate tax cut -- even though...

Posted: Jan 12, 2018 12:45 PM
Updated: Jan 12, 2018 12:45 PM

You can count JPMorgan Chase CEO Jamie Dimon as another big fan of President Trump's corporate tax cut -- even though it cost his company more than $2 billion last quarter.

Dimon called tax reform "a significant positive outcome for the country" in a statement released with the bank's earnings report Friday.

"U.S. companies will be more competitive globally, which will ultimately benefit all Americans," Dimon added. "The cumulative effect of retained and reinvested capital in the U.S. will help grow the economy, ultimately growing jobs and wages."

Dimon also said that the company would increase and accelerate some of its investments in employees. He didn't elaborate but that could be code for wage increases and/or special bonuses.

Several other large companies, including JPMorgan Chase rivals Bank of America, Fifth Third and Wells Fargo, have already announced such plans.

Still, the tax cut approved by Congress and signed into law by Trump late last year did cut into JPMorgan Chase's profit in the fourth quarter.

Related: Trump may weaken 'outdated' rules that force banks to lend to the poor

Earnings fell 37% from a year ago, to $4.2 billion. That was mainly due to one-time charges totaling $2.4 billion. The bank had to write down the value of its deferred tax assets -- JPMorgan's tax rate is about to go down, making those assets worth less. Other banks are expected to do the same when they report their fourth quarter results.

But excluding the short-term hit from tax reform, JPMorgan Chase said that profit fell just 1% to $6.7 billion, or $1.8 billion. That topped Wall Street's forecasts,

Revenue grew 5% as well, to $25.5 billion. That also was better than what analysts were expecting. JPMorgan Chase said that the increase was led by rising interest rates as well growth in loans and deposits for consumers.

The one down spot for the bank? Revenue from its markets division plunged 26% in the quarter from a year ago.

The lack of volatility in the stock and bond markets lately is actually not a good thing for big banks. They do better when markets are a little noisier since that tends to lead to increased fees from trading.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 312926

Reported Deaths: 7226
CountyCasesDeaths
DeSoto21474257
Hinds20271414
Harrison17796309
Rankin13561278
Jackson13404246
Madison10062217
Lee9961173
Jones8364163
Forrest7644152
Lauderdale7178240
Lowndes6366144
Lamar621286
Lafayette6168118
Washington5322133
Bolivar4796132
Oktibbeha461198
Panola4556105
Pearl River4494145
Marshall4396103
Warren4376121
Pontotoc419372
Monroe4094133
Union408876
Neshoba4024176
Lincoln3947110
Hancock377086
Leflore3487125
Sunflower335790
Tate332384
Pike3294105
Scott315273
Alcorn311568
Yazoo310669
Itawamba299377
Copiah296065
Simpson294488
Coahoma294279
Tippah287668
Prentiss279360
Marion268780
Adams266082
Leake265573
Wayne262341
Grenada260186
Covington256381
George246748
Newton245961
Winston226881
Tishomingo225567
Jasper220848
Attala214173
Chickasaw207157
Holmes188673
Clay184754
Stone181833
Tallahatchie178140
Clarke177879
Calhoun169832
Yalobusha163336
Smith162234
Walthall133845
Greene130333
Lawrence128323
Montgomery126742
Noxubee126734
Perry125838
Amite122842
Carroll121728
Webster114532
Jefferson Davis106932
Tunica104726
Claiborne102230
Benton99025
Humphreys96133
Kemper95328
Franklin83423
Quitman80016
Choctaw76018
Wilkinson66930
Jefferson65428
Sharkey50217
Issaquena1686
Unassigned00

Alabama Coronavirus Cases

Cases: 530011

Reported Deaths: 10946
CountyCasesDeaths
Jefferson763591519
Mobile40875804
Madison34676503
Tuscaloosa25717451
Montgomery24308585
Shelby23389248
Baldwin21093307
Lee15844169
Calhoun14481313
Morgan14281279
Etowah13813353
Marshall12203222
Houston10553280
Elmore10036205
Limestone9952150
Cullman9647193
St. Clair9634239
Lauderdale9413241
DeKalb8821185
Talladega8210175
Walker7222277
Autauga6914108
Jackson6803111
Blount6645136
Colbert6291134
Coffee5503118
Dale4826111
Russell440038
Chilton4263111
Franklin425482
Covington4120117
Tallapoosa4006152
Escambia393276
Chambers3559123
Dallas3544151
Clarke350861
Marion3111100
Pike310177
Lawrence299898
Winston273772
Bibb260463
Marengo249164
Geneva248777
Pickens233760
Barbour230757
Hale222577
Butler215869
Fayette212062
Henry188744
Cherokee184345
Randolph179941
Monroe177040
Washington167039
Macon158650
Clay155956
Crenshaw151957
Cleburne148741
Lamar141834
Lowndes138553
Wilcox127029
Bullock123041
Conecuh110129
Perry107526
Coosa107128
Sumter104332
Greene92334
Choctaw60424
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