logo
Share SHARE
FONT-SIZE Plus   Neg

JPMorgan Chase Slips To Loss In Q3 - Quick Facts

Financial services giant JPMorgan Chase & Co. (JPM) reported third-quarter net loss of $0.4 billion, as against a profit of $5.71 billion in the 2012 period. On a per share basis, quarterly loss totaled $0.17, compared with a $1.40 income reported a year back. On average, 27 analysts polled by Thomson Reuters expected earnings per share of $1.19 for the quarter. Analysts' estimates typically exclude one-time items.

On a managed basis, the firm clocked revenue of $23.9 billion in the tri-monthly period, compared with the prior-year figure of $25.86 billion, with reported total net revenue dropping year-over-year to $23.12 billion, from $25.15 billion. Analysts estimated revenues of $23.94 billion for the quarter.

JPMorgan Chase said the third-quarter results included legal expense in Corporate of $9.2 billion, and a benefit from reserve releases of $1.6 billion. Excluding these items, quarterly net profit would have been $5.8 billion, or $1.42 per share, the company added.

The company's Chairman and Chief Executive commented: "While we had strong underlying performance across the businesses, unfortunately, the quarter was marred by large legal expense. We continuously evaluate our legal reserves, but in this highly charged and unpredictable environment, with escalating demands and penalties from multiple government agencies, we thought it was prudent to significantly strengthen them. While we expect our litigation costs should abate and normalize over time, they may continue to be volatile over the next several quarters."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Microsoft (MSFT) announced Wednesday that Xbox One X standard edition is now available to pre-order worldwide. The company said more than 130 games have now been enhanced for the system. Beginning today, the console, said to be the most powerful ever, can be booked from local retailers around the... German industrial conglomerate thyssenKrupp AG announced Wednesday that it has signed a memorandum of understanding or MoU with Tata Steel Ltd. about the combination of their European steel activities in a 50/50 joint venture. The companies expect up to 4000 job cuts in the joint venture. Amazon.com Inc. on Tuesday introduced the latest generation of its flagship Fire tablet - the Fire HD 10. The new tablet comes with a 10.1 inch widescreen, 1080p display, ten hours of battery life, and Alexa hands-free capabilities. The Fire HD 10 is available for pre-order beginning today with 32GB or 64GB of internal storage, and starting at $149.99.
comments powered by Disqus
Follow RTT