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Jeffrey Epstein Accuser Sues JPMorgan Chase

Michael M. Santiago

Every week in the past I took a take a look at how and why JPMorgan (NYSE:JPM) has been outperforming its largest rivals, and third quarter earnings underlined lots of the key factors I made – robust asset sensitivity that

NIM (%)

Q3’23

Q2’23

change

JPM

2.72

2.62

0.10

BAC

2.11

2.06

0.05

C

2.49

2.48

0.01

WFC

3.03

3.09

-0.06

USB

2.81

2.9

-0.09

PNC

2.71

2.79

-0.08

TFC

2.95

2.91

0.04

CFG

3.03

3.17

-0.14

MTB

3.79

3.91

-0.12

FITB

2.98

3.1

-0.12

RF

3.73

4.04

-0.31

Price inc

+/- qoq

% of rev

JPM

-1.0%

55.3%

BAC

-3.0%

42.6%

C

6.7%

30.0%

WFC

5.2%

37.2%

USB

1.4%

39.3%

PNC

1.8%

34.4%

TFC

-8.1%

36.8%

CFG

-1.6%

24.2%

MTB

-3.1%

23.8%

FITB

-7.3%

33.3%

RF

-2.3%

30.3%

Buying and selling (ex-CVA/DVA)

Mounted Inc

Equities

Complete

I-banking

JPM

-1.2%

-15.7%

-7.6%

8.0%

BAC

-1.5%

4.6%

0.8%

-1.0%

C

0.9%

-15.8%

-3.0%

37.9%

WFC

1.3%

31.0%

9.0%

2.8%

ER (%)

Q3’23

Q2’23

change

JPM

51.0

50.3

-0.7

BAC

62.5

63.1

0.6

C

67.9

69.4

1.5

WFC

62.9

62.9

0.0

USB

60.4

59.4

-1.0

PNC

61.6

63.3

1.7

TFC

64.1

61.8

-2.3

CFG

63.1

59.1

-4.0

MTB

53.7

53.5

-0.2

FITB

54.8

54.4

-0.4

RF

58.2

56.4

-1.8

Profitability

Pre-provision Op Inc / Common Incomes Belongings

ROTCE (Q3)

JPM

2.4%

22.0%

BAC

1.4%

16.7%

C

1.2%

8.2%

WFC

1.8%

8.8%

USB

1.8%

18.4%

PNC

1.6%

18.6%

TFC

2.1%

15.3%

CFG

1.5%

12.0%

MTB

2.3%

17.4%

FITB

2.0%

24.7%

RF

2.5%

20.6%

Loans (avg)

+/- qoq

Mortgage Yield

JPM

2.0%

6.79%

BAC

0.0%

5.65%

C

1.3%

9.02%

WFC

-0.3%

6.23%

USB

-3.1%

6.02%

PNC

-1.5%

5.75%

TFC

-2.6%

6.25%

CFG

-1.9%

5.66%

MTB

-0.7%

6.19%

FITB

-1.4%

6.18%

RF

0.2%

5.91%

Deposits (avg)

+/- qoq

Price

IBD Beta

JPM

-1.3%

1.8%

48%

BAC

0.0%

1.6%

42%

C

-1.0%

3.4%

60%

WFC

-0.5%

1.4%

36%

USB

3.0%

2.0%

46%

PNC

-0.8%

1.7%

43%

TFC

0.3%

1.8%

49%

CFG

1.8%

2.0%

48%

MTB

2.1%

1.7%

48%

FITB

3.0%

2.0%

50%

RF

-0.3%

1.2%

34%

Avg

0.6%

1.9%

46%

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