Business World

Wednesday 13 November 2019

JPMorgan profit falls 6.6pc, hit by legal costs

JP Morgan
JP Morgan

JP MORGAN'S quarterly profit, hit by legal costs of nearly $1bn in the wake of government probes into alleged wrongdoing, and as it set aside more money to cover bad loans.

The bank's net income fell to $4.93bn, or $1.19 per share, in the fourth quarter from $5.28bn, or $1.30 per share a year earlier. Revenue on a reported basis fell 2.8pc to $22.51bn.

The results for both periods included special items.

Reuters

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