Sunday, December 21st6.4°C
24124
23875

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

20759


Recent Trending




Today's Market
S&P TSX14468.26+121.51
S&P CDNX676.54+11.04
DJIA17804.8026.65
Nasdaq4765.38+16.983
S&P 5002070.65+9.42
CDN Dollar0.8622+0.0005
Gold1195.90+2.50
Oil56.50+2.39
Lumber338.00-0.70
Natural Gas3.464-0.196

 
Okanagan Companies
Pacific Safety0.12-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.25-0.03
Cantex0.03-0.005
Anavex Life Sciences0.1726+0.0026
Metalex Ventures0.05-0.005
Russel Metals25.58-0.42
Copper Mountain Mining1.55-0.02
Colorado Resources0.120.00
ReliaBrand Inc0.011-0.0089
Sunrise Resources Ltd0.05-0.005
Mission Ready Services0.215-0.01

 
23744


23405

FEATURED Property
21329883355 Dunkley Road
3 bedrooms 2 baths
$299,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


My final thoughts on real estate

This will be the last column I write on real estate. Largely because at the end of the year I will be handing in my license. After 20+ years of working in land development, resort development and rea...


Reflecting on the end of the year

The importance of the end of the year and the Christmas holidays is profound. It is a time to reconnect with family and traditions that have made us who we are. But the year-end has always been a time...


Parenthood: Estates, insurance & taxes

It is now even more important to ensure your loved ones are well looked if anything should happen to you. Here are a few topics to consider helping you prepare for some of the unexpected events that c...

_



24437

24386


Member of BC Press Council


23546