Just call it the beginning of the more-modest trading revenue era.
JPMorgan Chase & Co. (NYSE:JPM) reported a far weaker-than-expected quarterly profit Friday as revenue from securities trading fell in a climate of uncertainty about the strength of the economic recovery and the Federal Reserve's intentions on interest rates, Reuters reported.
Net income fell to $5.27 billion, or $1.28 per share, from $6.53 billion, or $1.59 per share, in the same quarter of 2013, the biggest U.S. bank said.
Analysts on average had expected earnings of $1.40 per share, according to Thomson Reuters I/B/E/S. The net earnings for both the latest and prior quarters included special items.
Total net revenue fell 8.5 percent to $22.99 billion, falling well short of the average estimate of $24.53 billion, Reuters reported.