Merrill and JP Turn in Similar Results. Sort Of.

36 is the magic number this quarter. Yesterday, JPMorgan announced that its earnings rose 36 percent in Q1 while Merrill Lynch announced that its profit would have been up 36 percent had it not been for a pesky one-time accounting charge that resulted in reported earnings falling 61 percent. Merrill did manage to add another 190 brokers, bringing that total to 15,350, and to attract another $16.9 billion in assets under management. Meanwhile over at JPMorgan, investment banking fees jumped 19% and equity trading remained strong.
JP Morgan’s Profit Rises 36% [Wall Street Journal]
Merrill Net Sinks Due to Charge [Wall Street Journal]

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