Thursday, April 17th6.3°C
19345
20709

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 TSX14446.52+142.60
S&P CDNX997.975.87
DJIA16424.85162.29
Nasdaq4086.225+52.064
S&P 5001862.31+19.33
CDN Dollar0.9079+0.0002
Gold1303.00-0.10
Oil103.79+0.03
Lumber327.80-1.00
Natural Gas4.56+0.03

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.22-0.05
Cantex0.045-0.005
Anavex Life Sciences0.375-0.005
Metalex Ventures0.0750.00
Russel Metals30.55+0.28
Copper Mountain Mining2.42+0.10
Colorado Resources0.2650.00
ReliaBrand Inc0.12-0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.23-0.02

 
19691


20225

FEATURED Property
1906920REDUCED!!!! Central Kelowna location
$299,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Time spent prospecting

How much time should you put into prospecting? The question is a bit of a puzzle. Ideally, there would be a reference book that lists, by industry, how much time you should invest in prospecting acti...


Valuation fears grip markets

The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...


Quick and nimble

Photo: ContributedFor many businesses this has been a tremendously difficult time since the 2008 crisis. Business fell off. Sales techniques that always worked, well… stopped working. Customers...

_



21641

21641


Member of BC Press Council


21202