Chillin' out till it needs to be funded
While its $50bln Facebook deal remains an argument for investment banking denizens, the bank also lost 1 in 6 in both Investment Banking ( selling and underwriting deals) and investment management ( selling and underwriting funds, retail) while Institutional Client Services which includes $4.53 billion on client Trading jumped 83% in the latest quarter taking the bank to the top. Investment profits booked remained a high $1.366 billion out of $2.71 billion from investing and the firm also ventured to return its Series G preferred stock worth $1.64 billion ( Warren Buffet has not nodded yet) . Institutional Client Services was a largish $6.65 billion and the firm touts its Numero Uno place in equities after the deal world went berserk with news of its no.10 ranking and missing the T-Mo/NYSE deals
The firm also mentions a policy of extinguishing/buy back of dilution from ESOP allotments and that alone cost the firm $1.47 billion for the 9 million shares repurchased in the 2011 opening quarter On a balance sheet of $950 billion and cash of $170 billion consistently maintained over the last 2-3 quarters
The above achievements all now come in a condensed $12 billion revenue from the company and while y-o-y comparisons reflect another time and age, it has done well in most areas to 20-30% over the December 2010 results
Also both JP Morgan and GS have had a couple of hiccups in growing in India / China but that looks more like a story for your grandchildren to read..