Friday, May 29th20.6°C
26329
25263

JPMorgan's 4Q profit falls 7 per cent from a year earlier as bank wades through legal problems

NEW YORK, N.Y. - JPMorgan Chase said Tuesday that its profits fell 7 per cent in the fourth quarter, hampered by more legal woes.

The bank had net income of $5.28 billion in the last three months of 2013, compared with a profit of $5.69 billion in the same period a year earlier.

On a per-share basis, JPMorgan said it earned $1.30 a share in the quarter, compared with $1.39 a share a year earlier. The bank's revenue fell 1 per cent to $24.1 billion.

The bank's quarterly results had several one-time items, including a 27-cent-per-share charge related to legal expenses. On an adjusted basis, the bank said it earned $1.40 per share.

One of those legal expenses was the settlement over the bank's involvement in the Ponzi scheme of Bernard Madoff. The bank agreed Jan. 8 to pay $1.7 billion to settle criminal charges stemming from its failure to report its concerns about Madoff's private investment service.

"It was in the best interests of our company and shareholders for us to accept responsibility, resolve these issues and move forward," JPMorgan CEO Jamie Dimon said in a statement.

JPMorgan's legal problems have weighed on the bank's earnings. The bank posted a third-quarter loss in October, its first quarterly loss in 10 years.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14994.27-112.71
S&P CDNX690.70-1.46
DJIA18027.16-98.96
Nasdaq5081.63-16.35
S&P 5002111.27-9.52
CDN Dollar0.8021-0.0025
Gold1187.40-16.90
Oil60.26+1.89
Lumber276.80+4.30
Natural Gas2.81-0.01

 
Okanagan Companies
Pacific Safety0.14+0.01
Knighthawk0.010.00
QHR Technologies Inc1.50+0.02
Cantex0.03-0.01
Anavex Life Sciences0.389-0.011
Metalex Ventures0.07-0.01
Russel Metals25.09-0.11
Copper Mountain Mining1.29-0.01
Colorado Resources0.10-0.01
ReliaBrand Inc0.0125-0.0004
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.15-0.00
Decisive Dividend Corporation2.10+0.16

 



26416

FEATURED Property
2266462405 Rutland Road
10086049 bedrooms
$215,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Yard sale pricing

Photo: Thinkstock.comI have deliberately abridged this household tips article to illustrate pricing strategies. "Tips For Pricing Yard Sale Items” was written by Lynnette Walczak, and publi...


What's a robo-advisor?

Photo: ContributedIt can only be attributable to human error. -Hal, 2001: A Space Odyssey For most of us who are within thinking distance of retirement, the term “robo” conjures up image...


Cash stressed seniors

Photo: Thinkstock.comFor many Canadian homeowners, their house represents the biggest portion of their net worth. Now, increasing numbers of seniors are starting to recognize the hidden value of their...

_



26363

25482


Member of BC Press Council


24697