NEW YORK (AP) — JPMorgan Chase, the nation’s biggest bank
by assets, said Friday its first-quarter earnings fell 20 percent,
driven by a decline in revenue at its investment banking and mortgage
units.
The bank made $4.8 billion in the first quarter, after
stripping out payments to preferred stockholders. That was down from
$6.1 billion in the same period a year earlier.
On a per-share
basis, the earnings amounted to $1.28. That was worse than estimates of
analysts polled by FactSet, who had been expecting $1.39.
Revenue was $22.9 billion, down 8 percent from $25.1 billion a year earlier.
Lower
mortgage fees pushed revenue down at the JPMorgan’s consumer banking
unit. Revenue at the investment banking unit slumped 15 percent to $8.6
billion, hurt mainly by the bank’s fixed-income trading business.
Shares are down $1.90, or 3.3 percent, at $55.50 in pre-market trading.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.

NEW YORK (AP) — JPMorgan Chase, the nation’s biggest bank
by assets, said Friday its first-quarter earnings fell 20 percent,
driven by a decline in revenue at its investment banking and mortgage
units.
The bank made $4.8 billion in the first quarter, after
stripping out payments to preferred stockholders. That was down from
$6.1 billion in the same period a year earlier.
On a per-share
basis, the earnings amounted to $1.28. That was worse than estimates of
analysts polled by FactSet, who had been expecting $1.39.
Revenue was $22.9 billion, down 8 percent from $25.1 billion a year earlier.
Lower
mortgage fees pushed revenue down at the JPMorgan’s consumer banking
unit. Revenue at the investment banking unit slumped 15 percent to $8.6
billion, hurt mainly by the bank’s fixed-income trading business.
Shares are down $1.90, or 3.3 percent, at $55.50 in pre-market trading.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.