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.
Mike Obel works as Senior Editor, Copy Chief. Before that he was Markets Editor, assigning, editing and writing about business, markets, finance and economics. Before coming...