Here comes JPMorgan ...

JPMorgan Chase is set to announce first-quarter earnings results Friday morning.

Analysts are expecting the bank to report adjusted earnings per share of $2.28, a 45.2% increase from last year.

Here's what else to look out for:

  • Revenue: $27.7 billion, up 8.3% from last year.
  • Adjusted net income: $8 billion, up 40.6% from last year.
  • Volatility's impact on markets revenues: After a moribund 2017 in which low volatility sapped trading desks across Wall Street, the markets saw a jolt of energy in the first quarter, whipsawing back and forth on account of, among other things, fears of the US stoking a trade war. FICC and equities revenues are expected to rebound.
  • M&A: There was $1.2 trillion of M&A in the first quarter, an all-time high. How much did Goldman's investment bank benefit?

The first-quarter results are expected to be smoother and more constructive for banks in general. In addition to global growth across major economies and the return of volatility, the banks will start to reap benefits from higher interest rates and the corporate tax overhaul.

The fourth-quarter of 2017, by comparison, was noisy and uneven thanks in part to the new tax law, which caused many banks to book one-time losses on repatriated cash and deferred tax assets that declined in value.

JPMorgan took a $2.4 billion hit from the new law last quarter.

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