JPMorgan’s Fourth Quarter Profit Falls As Legal Costs Rise

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JPMorgan, the biggest U.S. bank by assets, unveiled its fourth-quarter results Wednesday, reporting a 6.6% drop in quarterly profit hit by higher-than expected legal expenses. Kicking off fourth-quarter reporting season for financial services sector, JPMorgan also reported lower revenue from its mortgage business, with the national housing market stuck in a slow period. JPMorgan’s net income drops JPMorgan’s net income dropped to $4.93 billion or $1.19 per share, in the fourth quarter from $5.28 billion or $1.30 per share a year earlier. Moreover, its revenue on a reported basis dropped 2.8% to $22.51 billion. Consensus estimates from Thomson Reuters indicated analysts had…

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Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports