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JPMorgan's second-quarter net income falls

JPMorgan's second-quarter net income falls on lower investment banking and mortgage revenues

Posted on July 15, 2014 at 12:00 a.m. | Updated on July 15, 2014 at 7:33 a.m.

NEW YORK (AP) — JPMorgan Chase, the nation’s largest bank by assets, said Tuesday its second-quarter earnings fell 9 percent as revenue at its investment banking and mortgage businesses dropped.

The bank’s net income totaled $5.6 billion in the quarter after payments to preferred shareholders. That was down from net income of $6.1 billion in the same period last year.

The earnings amounted to $1.46 per share, compared with $1.60 a year earlier. They beat the forecasts of analysts polled by FactSet, who predicted earnings of $1.29 a share.

The earnings are the first since JPMorgan CEO Jamie Dimon disclosed at the start of this month that he was battling throat cancer. Dimon, 58, said he plans to remain on the job and be actively involved in key decisions while undergoing radiation and chemotherapy treatment

Revenue in the quarter fell 3 percent to $24.5 billion. Analysts had forecast $23.7 billion for the period.

Revenue at the bank’s markets and investor services fell 12 percent from a year earlier to $5.9 billion. It was hurt by a drop in trading revenue caused by low volatility in bond and equity markets.

Dimon said that the bank saw “encouraging signs” of a pickup in business across some of its units, including the markets division of investment banking.

“While it is too early to assume that this momentum will continue, we have confidence in the long-term growth of the economy,” Dimon said in a statement.

JPMorgan’s stock rose $1.38, or 2.5 percent, to $57.67 in premarket trading.


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