APR 13, 2012 - 8:25 am
Bloomberg said that JPMorgan Chase reported a 3.1% drop in earnings, a smaller decline than analysts estimated as mortgage revenue surged and trading almost doubled from the fourth quarter.
Bloomberg noted that first-quarter net income fell to $5.38 billion, or $1.31 a share, from a record $5.56 billion, or $1.28, in the same period a year earlier when there were more shares outstanding. Per-share profit compared with an average estimate of $1.17 from 28 analysts surveyed by Bloomberg.
Bloomberg said that mortgage fees and related revenue totaled $2 billion, compared with a loss of $489 million a year earlier.
Quoting JPMorgan’s CEO Jamie Dimon, Bloomberg said, “We expect to see elevated levels of costs and losses associated with mortgage-related issues for a while longer.” Bloomberg noted that the bank set aside $2.5 billion more toward its litigation costs during the first quarter mostly for mortgage-related lawsuits.
To read the full Bloomberg story click here.
No tags available
The financial services industry is entering unchartered territory as the economy attempts to navigate itself out of recession and into... read more