JPMorgan Chase Earns 19 Percent Less to Start the Year
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JPMorgan Chase, the largest but no longer the most profitable U.S. bank, announced a 19 percent decline in first-quarter earnings this morning, with weaker income from trading and sluggish mortgage activity. Shares fell as much as 3.7 percent in pre-market trading. Chief Executive Jamie Dimon is attempting to find the bank’s footing amid stronger rules on capital requirements and intense scrutiny from regulators.
The bank reported $5.3 billion in net income, down from $6.5 billion in the first quarter of 2013, as revenue fell broadly across its vast operations. Mortgage-related revenue fell 42 percent, fixed-income trading revenue fell 21 percent, and consumer and community banking revenue fell 25 percent.