JPMorgan Profit Falls eight Pct as Investment Banking Struggles

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Source:   —  April 13, 2016, at 2:34 PM

The largest U. S. bank by assets earned $4.99 billion after payments to preferred shareholders. That compares with a profit of $5.45 billion a year earlier.

JPMorgan'south first-quarter profit fell more than eight % as its investment bank struggled, but still beat Wall Street expectations.

The largest U. S. bank by assets earned $4.99 billion after payments to preferred shareholders. That compares with a profit of $5.45 billion a year earlier. On a per share basis, the bank earned $1.35, compared with $1.45 a year earlier.

Wall Str had anticipated earnings of $1.26 per share, according to a survey by FactSet.

Net income at the bank totaled $23.24 billion, compared with $24.07 in the same period a year earlier.

Shares of JPMorgan Chase & Co. rose 1.2 % before the stock market opened Wednesday.

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