JPMorgan Chasereported sharply higher third-quarter resultsthat blew past Wall Street expectations, as gains at its investment bank offset deeper losses on credit cards and other consumer loans. Jeffery Harte, managing director of equity research at Sandler O’Neill, shared his analysis of the financial giant.
“The big kind of driver was fixed income trading...it showed up in both investment banking and other [JPMorgan businesses],” Harte told CNBC.
“And it should be good for the peers who are reporting over the next couple of weeks as well.”
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Other financials reporting earnings this week include Citigroup , Goldman Sachs and Bank of America .
Harte has a “hold” rating on JPMorgan .
“In the last 6 to 8 weeks, pretty much every asset class has gone up,” said Harte. “And you’re starting to see some volumes along with it as well…We should see pretty strong gains across leveraged loans and commercial mortgage backed securities.”