Legal Costs Cut Into Profit for JP Morgan
Down 7 percent
JPMorgan Chase kicked off bank earnings season Tuesday, reporting it earned $5.3 billion in the last three months of 2013, as settling its role in the Bernard Madoff scandal and other legal woes slashed profits at the world's largest bank.
New York-based JP Morgan's revenue was $24 billion, down 1% from last year. Profit was down about 7%. Adjusted profit of $1.40 a share beat the average analyst estimate of $1.35 a share, as compiled by Thomson Reuters. The bank earned $5.69 billion, or $1.39 a share, a year earlier.
Hide Comments (0)
Editor's Note: As of February 29, 2024, commenting privileges on reason.com posts are limited to Reason Plus subscribers. Past commenters are grandfathered in for a temporary period. Subscribe here to preserve your ability to comment. Your Reason Plus subscription also gives you an ad-free version of reason.com, along with full access to the digital edition and archives of Reason magazine. We request that comments be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of reason.com or Reason Foundation. We reserve the right to delete any comment and ban commenters for any reason at any time. Comments may only be edited within 5 minutes of posting. Report abuses.
Please
to post commentsMute this user?
Ban this user?
Un-ban this user?
Nuke this user?
Un-nuke this user?
Flag this comment?
Un-flag this comment?