JPMorgan's first-quarter profit falls

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Associated Press

Posted on April 11, 2014 at 8:03 AM

Updated Friday, Apr 11 at 8:33 AM

NEW YORK (AP) — JPMorgan Chase, the country's biggest bank by assets, says its first-quarter earnings fell.

The bank made $4.8 billion in the first quarter, after stripping out payments to preferred stockholders. That was down 20 percent from the same period a year earlier, when it made $6.1 billion.

On a per-share basis, that amounted to $1.28. That was worse than estimates of analysts polled by FactSet, who had been expecting $1.39.

Revenue was $22.9 billion. That was down 8 percent from the same period last year when the bank generated revenue of $25.1 billion.

Shares are down $1.10, or 2 percent, at $56.11 in pre-market trading.

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