JPMorgan Chase Earnings Show Economy Is Resilient, but Jamie Dimon’s ‘Hurricane’ Looms

JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup all said Friday they had socked away hundreds of millions of dollars apiece to cover potential loan defaults, dragging down their profits. Still, revenue rose at all three banks and beat analyst forecasts.

The lower profits were also largely in line with what Wall Street had expected. Profit fell 17% at JPMorgan and 25% at Citigroup, but both topped expectations. Wells Fargo reported a 31% drop in earnings, missing expectations, though it said a $2 billion charge for legal and regulatory issues hurt what was otherwise a solid quarter.