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$JPM received no objection from the Federal Reserve for its capital plan under the recently concluded 2017 Comprehensive Capital Analysis and Review. The BoD plans to lift quarterly dividend from $0.50 to $0.56 per share, effective 3Q17, and has authorized gross common equity repurchases of up tp $19.4Bil between July 1, 2017 and June 30, 2018.
In 4Q17, $JPM's net income slid 37% to $4.2Bil driven by a $2.4Bil impact as a result of the enactment of tax reforms in the quarter. excluding the impact of the TCJA, net income would have been $6.7Bil, down 1%. Net revenue was $25.5Bil, up 5%.
$KR said it is teaming up with Chase Pay, the digital engagement wallet from $JPM, to offer mobile payments starting with select retail markets and e-commerce programs in 2018. $KR's payment solutions are part of its Restock Kroger Plan, the strategy to create shareholder value by redefining how America eats.
$BAC, the second largest US bank by assets, said sales and trading revenue fell 13% to $3.1Bil in 3Q17 due to unfavorable market conditions and lower volatility in rates products. Fixed-income trading revenue fell 22% to $2.15Bil. Earlier, rivals $C and $JPM had also reported 16% and 27% declines respectively in their fixed-income trading revenues.
Financial giant $JPM posted 3Q17 results, with return on common equity of 11%, vs 10% a year ago. Return on tangible common equity stayed at 13%. Net interest income was up 10% to $13.1Bil, primarily driven by the net impact of rising rates and loan growth. Lower Markets revenue pulled the noninterest revenue down 4% to $13.1Bil.
$JPM's BoD declared a quarterly dividend of 56 cents per share on its outstanding common stock, an increase from the prior quarterly dividend of 50 cents per share. The dividend is payable on Oct. 31, 2017, to stockholders of record at the close of business on Oct. 6, 2017.
$BK has began on boarding clients affected by $JPM's decision to exit the US government securities Clearance business. The revenue impact in 2017 will be modest as many of the largest revenue producing relationships will not be coming on board until 2018. $BK expects to see the full revenue impact in 2019.
$PYPL announced a partnership with $JPM that will make it easy to add Chase cards via Chase Pay to PayPal accounts, and will soon offer customers the option of paying with Ultimate Rewards points when linked through Chase Pay at $PYPL’s online merchants. $PYPL will also be able to process payments on ChaseNet, a closed-loop payment network.