JPMorgan Fourth-Quarter Profit Drops 6.6% on Trading Slump
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JPMorgan Chase & Co., the biggest U.S. bank, said fourth-quarter profit fell 6.6 percent as fixed-income trading revenue dropped 23 percent and legal costs were about twice as high as some analysts estimated.
Net income declined to $4.93 billion, or $1.19 a share, from $5.28 billion, or $1.30, a year earlier, according to a statement today from New York-based JPMorgan. Excluding $990 million in legal expenses and other one-time items, earnings per share were $1.33, topping the $1.32 average estimate of 27 analysts surveyed by Bloomberg.