UPDATE: J.P. Morgan Posts Lower Q1 Profit
J.P. Morgan Chase & Co (NYSE: JPM) reported a 19% drop in its first-quarter profit.
J.P. Morgan's quarterly profit declined to $5.3 billion, or $1.28 per share, versus a year-ago profit of $6.53 billion, or $1.59 per share.
Its revenue slipped 8% to $22.99 billion versus $25.12 billion. J.P. Morgan's investment banking net income dropped 15%. However, analysts were estimating earnings of $1.39 per share on revenue of $24.43 billion.
J.P. Morgan shares fell 2.44% to $56.00 in pre-market trading.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.