Jim Cramer shared his thoughts on JPMorgan Chase & Co. (NYSE: JPM) following its earnings report. He noted the company posted a solid top and bottom line beat, excluding a $2.2 billion reserve related to the Apple credit card and portfolio from Goldman Sachs.
Net interest income increased by 7%, with the Markets business growing 70%. "That's fantastic. That's mostly sales and trading," Cramer remarked.
However, the investment banking business came in light, down 5% year-over-year and 11% from the previous quarter. This was weighed down by weakness in both debt and equity underwriting. "That was just plain bad," Cramer said.
Cramer emphasized that reaction to JPMorgan's earnings hinges on the conference call commentary from CEO Jamie Dimon, whom he described as an almost Confucius-like figure for the financial industry. Dimon often says things that really do freak out people, something that happened again yesterday.