JPMorgan Chase released the results from its fourth quarter on Friday, beating analyst earnings expectations on an adjusted basis with $1.76 a share. Wall Street analysts had been expecting $1.69 a share.
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What you need to know on Wall Street today
Hello. Here's what you need to know on Wall Street today.
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But in an already wonky quarter, JPMorgan reported an unusual loss not related to the new tax law: Its equities team took a $143 million loss from a single client. JPMorgan confirmed the loss was connected to the South African retailer Steinhoff International, which isembroiled in an accounting scandal.
"It is by far and away the largest loss in that business we've seen since the crisis," CFO Marianne Lake said in an analyst call.
Elsewhere in bank news, Wells Fargo's profit jumped after a one-time boost from tax reform. And Morgan Stanley just announced its 2018 managing director promotions.
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In hedge fund news, the only female investment partner at $20 billion hedge fund Canyon has left. And skeptics are betting against Wingstop — the CEO told us why they don't get the company. Legendary investor T. Boone Pickens is shutting down his energy-focused hedge fund.
In markets news, a key metric shows the stock market is at "extreme" levels that are the most stretched in 20 years.
In crypto news, a Wall Street consultancy eviscerated crypto in a massive report — and it should strike fear into the heart of every bitcoin bull. There will soon be a new way to bet on the technology behind bitcoin. And the CEO of a cryptocurrency platform offering 100x leverage told us why he turns down investor cash.
ig pharma's getting ready to spend tax reform dollars on big deals.
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