What you need to know on Wall Street today

Business Insider | 1/12/2018 | Matt Turner
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JPMorgan Chase released the results from its fourth quarter on Friday, beating analyst earnings expectations on an adjusted basis with $1.76 a share. Wall Street analysts had been expecting $1.69 a share.

Quarter - JPMorgan - Loss - Tax - Law

But in an already wonky quarter, JPMorgan reported an unusual loss not related to the new tax law: Its equities team took a $143 million loss from a single client. JPMorgan confirmed the loss was connected to the South African retailer Steinhoff International, which is embroiled in an accounting scandal.

"It is by far and away the largest loss in that business we've seen since the crisis," CFO Marianne Lake said in an analyst call.

Bank - News - Wells - Fargo - Profit

Elsewhere in bank news, Wells Fargo's profit jumped after a one-time boost from tax reform. And Morgan Stanley just announced its 2018...
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