JPMorgan Income Drops in Q3
JPMorgan Chase & Co., one of the strongest bankers at Wall Street, said its net income fell by 4 percent to $4.26 billion in the third quarter of 2011 from $4.42 billion a year ago, citing weaker investment banking and market results, as well as losses in its private equity division.
Financial giant JPMorgan Chase & Co. on Thursday reported a lower income in the third quarter of this year on the back of weaker investment banking and market results, as well as losses in its private equity division.
In a statement, the New York-based banker said its earnings reached $4.26 billion or $1.02 per share in the third quarter of 2011, down by 4 percent from $4.42 billion or $1.01 per share a year ago.
Meanwhile, JPMorgan’s revenue edged up from $24.34 billion to $24.37 billion in July to September 2011.
JPMorgan attributed the earnings slow down to the weaker investment banking due to the extreme volatility in bonds and stock markets across the United States, as well as weaker global economy during the period.
It will be recalled that US bourses span wildly in August after Standard & Poor’s downgrade the country’s credit rating, followed by financial crisis in Europe, which has sent Europeans scattering for sound commitment from Germany.
JPMorgan, one of the strongest and financial sound bankers on Wall Street, is also the first major U.S. bank to report earnings.
Citigroup Inc., Bank of America Corp. and Goldman Sachs Group Inc. report next week.