The bank reported a 2% increase in total revenue to $4 billion on earnings that were flat year over year at $1.01 per share. Analysts were expecting the company to report revenue of $3.89 billion on earnings of 91 cents per share.
“We are seeing momentum across most of our businesses as we continue to drive improved performance and capabilities across the company, and as we benefit from higher volumes and volatility versus a year ago," CEO Todd Gibbons said.
Shares of the bank nonetheless dropped 5.3% in the pre-market Wednesday .
For the quarter, the company's investment and wealth management division saw revenue decrease by 3% while investment services total revenue increased 3%.
The company sees downside risks for the rest of the year, including economic uncertainty and continued "significant pressure" from low interest rates.
Fee revenue for the quarter rose 2% while net interest revenue decreased 3% due to lower interest rates on interest-earning assets.
The company set aside $143 million for credit losses "reflecting increased downgrades and the continuation of the challenging macroeconomic outlook."
JPMorgan and Citi beat revenue and earnings per share forecasts, driven by strength in corporate lending and securities trading. JPMorgan set aside more than $8 billion for credit losses, against estimates of $7.5 billion. Citi also had billions in cash set aside as an expense.
The management teams said weakness was found in consumer banking.