JPMorgan Says Trading Pain Isn't Over After Third-Quarter Slump
- Lake: Analyst estimates for trading this quarter `appear high'
- Her comments are a `bad omen' for other banks, analyst says
Breaking Down JPMorgan's Earnings Disappointment
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JPMorgan Chase & Co., the first big U.S. bank to report earnings after the third-quarter’s market tumult, missed analysts’ estimates and cautioned that trading is off to a tepid start this quarter.
The nation’s largest lender said revenue fell 6.4 percent in the three months ended Sept. 30, driven by a slump in trading and mortgage-banking results. Adjusted earnings per share were $1.32, missing the $1.38 average estimate of 29 analysts surveyed by Bloomberg. Revenue from fixed-income trading tumbled 11 percent, excluding the impact of selling businesses.