By Dan Fitzpatrick
J.P. Morgan Chase & Co. said its first-quarter earnings fell
as the bank logged lower revenue.
J.P. Morgan reported a profit of $5.27 billion, or $1.28 a
share, versus a profit of $6.53 billion, or $1.59 a share, a year
earlier.
Revenue fell to $23.86 billion.
Analysts polled by Thomson Reuters expected a per-share profit
of $1.40 on revenue of $24.53 billion.
Investors look to J.P. Morgan's results as a bellwether for the
rest of the banking industry, and its performance demonstrates that
despite signs of loan growth, large lenders continue to struggle
with a sluggish U.S. economy and the effect of low interest rates
on profits from lending, investing and trading.
In addition, J.P. Morgan has had to grapple with its own share
of problems.
Last year, J.P. Morgan agreed to more than $20 billion in legal
settlements. Litigation expenses for the year ballooned to $11.1
billion, more than double the amount from 2012.
"The most painful, difficult and nerve-wracking experience that
I have ever dealt with professionally was trying to resolve the
legal issues we had this past year," Mr. Dimon wrote in a letter to
shareholders released earlier this week.
Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com and Dan
Fitzpatrick at dan.fitzpatrick@wsj.com
Access Investor Kit for JPMorgan Chase & Co.
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=US46625H1005
Subscribe to WSJ: http://online.wsj.com?mod=djnwires