It was investment banking to the rescue once again when JPMorgan (JPM) released its fourth quarter numbers. While earnings topped expectations, revenue, which totaled $25.2 billion, fell well short of the mark. Investment banking accounted for about two-thirds of earnings and masked some other problems, notably in the consumer banking units. JPMorgan Chase's retail financial services and card services businesses were weak, with losses of $399 million and $306 million.

So what to make of this? It's likely to set the tone for other big bank earnings. Many will post big losses related to the TARP payback. But everyone will be looking for glimpses of health within consumer segments. Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC) will all report soon. Get ready for more of the same. It will get really interesting later in the year. If consumer losses remain high and investment banking slows down, we could be in for fireworks. 

For more:
- here's an article from TheStreet.com

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