NEW YORK, NY / ACCESSWIRE / January 15, 2018 / JPMorgan Chase & Co. and Wells Fargo & Co. both posted fourth-quarter earnings last week and saw one-time charges and gains related to the tax law changes.

RDI Initiates Coverage on:

JPMorgan Chase & Co.
https://rdinvesting.com/news/?ticker=JPM

Wells Fargo & Company
https://rdinvesting.com/news/?ticker=WFC

JPMorgan Chase & Co. shares closed up 1.65% on nearly 18.9 million shares on Friday. The stock hit a new high of $112.85 during intra-day trading after reporting fourth quarter financial results that beat expectations. For the quarter, JPM saw EPS of $1.76, which was ahead of the $1.69 that analysts expected. The company however announced that a $2.4 billion charge related to the recently enacted tax law had made its profit fall 37% to $4.23 billion. On more brighter notes, the bank saw its loan portfolio grow by 4%, its commercial and industrial loans increased 6% and credit cards go up 5%. For the full year 2017, the company is expecting EPS of $6.87. Wall Street was expecting EPS of $6.92. According to CEO James Dimon, "The enactment of tax reform in the fourth quarter is a significant positive outcome for the country. U.S. companies will be more competitive globally, which will ultimately benefit all Americans.?

Access RDI?s JPMorgan Chase & Co. Research Report at:
https://rdinvesting.com/news/?ticker=JPM

Wells Fargo & Company shares closed down a modest 0.73% on nearly 26 million shares this past Friday. The company's CEO Tim Sloan announced on Friday that the company is not certain if it has fully uncovered or fixed all of the problems that have been associated with the scandal it endured. He remarked, "I'd love to live in a world where I could give you an absolute guarantee and certainty, but it's not just the world we live in." He also said, "We're never going to declare victory." Wells Fargo has a $3.25 billion reserve put aside in its Q4 earnings to cover litigation that is related to the fake accounts scandal as well as customer issues. Last year the company settled with regulators for $190 million. For the fourth quarter, profit was $5.74 billion, or $1.16 per share. This was compared to $4.87 billion, or 96 cents a share, one year ago. There was a one-time tax boost of $3.35 billion.

Access RDI's Wells Fargo & Company Research Report at:
https://rdinvesting.com/news/?ticker=WFC

Our Actionable Research on JPMorgan Chase & Co. (NYSE: JPM) and Wells Fargo & Company (NYSE: WFC) can be downloaded free of charge at Research Driven Investing.

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