Income at JPM falls by 4 per cent to $4.3bn
JPMorgan Chase blamed a 4 per cent fall in income on weaker investment banking and trading results and a loss in its private-equity division.
The group, the first big US bank to post third-quarter figures, also set aside $1bn for litigation tied to poorly-written mortgages and securities.
The bank earned $4.3bn, compared with $4.4bn a year ago. Fees from investment banking fell 31 per cent to $1bn as investors stayed away from volatile markets. The market turmoil in the quarter also led to a 37 per cent fall in debt and a 47 per cent fall in stock underwriting fees as fewer companies sought to raise money by selling bonds or in public share offerings.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies