JPMorgan Chase & Co. (NYSE:JPM), the biggest U.S. bank by assets, on Tuesday reported a 7.3 percent drop in fourth-quarter profit on weak results from its investment banking operation and heavy fines.
The New York bank had net income of $5.28 billion, or $1.30 per share, down from $5.69 billion, or $1.39 per share, in the year-earlier quarter. Excluding one-time items, earnings per share were $1.40. Revenue fell 1.1 percent to $24.11 billion.
Results included a charge against earnings for fines related to not reporting suspicions of fraud regarding Ponzi operator Bernie Madoff.