JPMorgan slumps to loss of $400 million in third quarter
Oct 11, 2013 / 5:30 am
NEW YORK, N.Y. - JPMorgan Chase, the biggest U.S. bank by assets, is reporting a surprise third-quarter loss after a big charge for legal expenses.
The bank says it lost $400 million in the July-to-September period, compared with a then-record $5.7 billion a year earlier.
The bank posted a loss of 17 cents a share in the quarter, compared with $1.40 a share a year earlier.
Analyst had expected earnings of the $1.19 a share, according to data provider FactSet.
Revenue fell 8 per cent, to $23.9 billion, missing analysts' estimate of $24.1 billion.
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