JPMorgan just made $15.3 billion in profit in three months. And it still missed Wall Street's forecasts.
Analysts expected $5.93 per share. Excluding a $658 million loss on investment securities, JPMorgan earned $5.75.
Revenue came in at $50.2 billion, versus $51.2 billion expected.
But look at the quality: a 20% return on tangible common equity, above the bank's own 17% target.
And JPMorgan is buying back less stock. By the bank's estimate, it holds roughly $30 billion of excess capital.
Jamie Dimon says the bank can now redeploy that capital at very good returns over time.
His order: dividend first, then organic growth. Buybacks come after, particularly when stock prices are up.
18 cents below forecasts, or a 20% return on tangible equity: what matters more to you? Tell me in the comments.