Investors in JPMorgan have already rewarded the bank’s transformation, says Lex. It has coped better with interest rate rises than some other US banks, and its investment bank has arguably been gaining on rivals.
Another set of record quarterly results was met with a share price fall. But they have outperformed rivals pretty consistently for four years. This, together with JPMorgan’s reliance on potentially volatile trading, makes it hard to see any standing ovations from investors in the offing.