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JPMorgan's Jamie Dimon gushes about tax cuts

You can count JPMorgan Chase CEO Jamie Dimon as another big fan of President Trump's corporate tax cut -- even though...

Posted: Jan 12, 2018 1:45 PM
Updated: Jan 12, 2018 1:45 PM

You can count JPMorgan Chase CEO Jamie Dimon as another big fan of President Trump's corporate tax cut -- even though it cost his company more than $2 billion last quarter.

Dimon called tax reform "a significant positive outcome for the country" in a statement released with the bank's earnings report Friday.

"U.S. companies will be more competitive globally, which will ultimately benefit all Americans," Dimon added. "The cumulative effect of retained and reinvested capital in the U.S. will help grow the economy, ultimately growing jobs and wages."

Dimon also said that the company would increase and accelerate some of its investments in employees. He didn't elaborate but that could be code for wage increases and/or special bonuses.

Several other large companies, including JPMorgan Chase rivals Bank of America, Fifth Third and Wells Fargo, have already announced such plans.

Still, the tax cut approved by Congress and signed into law by Trump late last year did cut into JPMorgan Chase's profit in the fourth quarter.

Related: Trump may weaken 'outdated' rules that force banks to lend to the poor

Earnings fell 37% from a year ago, to $4.2 billion. That was mainly due to one-time charges totaling $2.4 billion. The bank had to write down the value of its deferred tax assets -- JPMorgan's tax rate is about to go down, making those assets worth less. Other banks are expected to do the same when they report their fourth quarter results.

But excluding the short-term hit from tax reform, JPMorgan Chase said that profit fell just 1% to $6.7 billion, or $1.8 billion. That topped Wall Street's forecasts,

Revenue grew 5% as well, to $25.5 billion. That also was better than what analysts were expecting. JPMorgan Chase said that the increase was led by rising interest rates as well growth in loans and deposits for consumers.

The one down spot for the bank? Revenue from its markets division plunged 26% in the quarter from a year ago.

The lack of volatility in the stock and bond markets lately is actually not a good thing for big banks. They do better when markets are a little noisier since that tends to lead to increased fees from trading.

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 1130719

Reported Deaths: 17736
CountyCasesDeaths
Marion1468762242
Lake732391255
Allen68004883
Hamilton51739488
St. Joseph50459650
Elkhart40619547
Vanderburgh34963497
Tippecanoe31212276
Johnson27963467
Hendricks26585385
Porter25969387
Madison21318457
Clark20392279
Vigo19244309
LaPorte17405261
Delaware17004303
Howard16942315
Monroe16794220
Kosciusko14447167
Hancock13259186
Bartholomew13180191
Warrick12320190
Wayne12200269
Grant12181247
Floyd12096226
Morgan10552192
Boone9966124
Noble9429123
Marshall9295147
Henry9268169
Dearborn9053100
Dubois8877140
Shelby8402130
Cass8241128
Lawrence8134185
DeKalb7933109
Jackson779993
Huntington7761116
Montgomery7213123
Gibson7179118
Harrison7031100
Knox6958116
Steuben676589
Miami6675114
Whitley667260
Putnam651286
Clinton633179
Wabash6323111
Jasper622192
Jefferson5946105
Ripley565994
Adams547981
Daviess5124118
Scott498980
Wells4894106
White486069
Greene4749101
Clay468662
Decatur4659110
Fayette462597
Jennings457167
LaGrange432291
Posey412944
Randolph4010107
Washington393656
Fountain382264
Fulton368374
Spencer365147
Starke361474
Owen358577
Sullivan351155
Jay336450
Orange335272
Rush314833
Carroll301639
Franklin295244
Perry292853
Vermillion285958
Tipton253367
Parke251630
Pike251244
Blackford224944
Pulaski213759
Newton185052
Brown179750
Benton171717
Crawford170729
Martin152619
Switzerland149412
Warren137816
Union125116
Ohio92913
Unassigned0599

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 1735925

Reported Deaths: 26851
CountyCasesDeaths
Franklin1807941843
Cuyahoga1705042655
Hamilton1146441544
Montgomery811601405
Summit728891210
Lucas637861027
Butler57319814
Stark544971183
Lorain42941645
Warren36238417
Mahoning36168788
Lake32818501
Clermont31601369
Trumbull27766620
Delaware27462185
Licking26929344
Medina26408353
Fairfield24875287
Greene24585373
Clark22391390
Portage21591283
Richland21339342
Wood20348248
Allen19172326
Miami17486352
Columbiana17078335
Muskingum16882207
Wayne15914307
Tuscarawas14631362
Marion13477196
Ashtabula12980237
Erie12832199
Scioto12586188
Pickaway12326155
Ross11824226
Hancock11659175
Geauga11090179
Lawrence10729172
Belmont10548234
Huron9891159
Jefferson9724228
Union966575
Sandusky9465166
Seneca9020161
Knox8893176
Washington8738159
Darke8446181
Athens842897
Ashland8130152
Auglaize8042120
Shelby7575135
Defiance7431117
Crawford7376150
Fulton7284113
Brown7225116
Logan7087111
Guernsey701786
Mercer6964100
Highland6822120
Clinton6554106
Williams655299
Madison653990
Preble6343140
Putnam6300122
Jackson586597
Champaign586187
Perry571279
Coshocton5700108
Ottawa5696102
Morrow524665
Fayette499072
Hardin4960100
Gallia475878
Van Wert470895
Pike468478
Adams4638110
Henry440380
Hocking414293
Holmes4044141
Wyandot379975
Carroll373678
Paulding327551
Meigs307961
Monroe237261
Noble221949
Morgan219439
Harrison216953
Vinton189738
Unassigned06
Fort Wayne
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Angola
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Feels Like: 15°
Huntington
Clear
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Hi: 23° Lo: 16°
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Decatur
Partly Cloudy
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Feels Like: 17°
Van Wert
Partly Cloudy
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After a cold start to the week, warmer air begins to filter back into the region Wednesday.
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