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JPMorgan reports 7 percent profit drop due to massive legal expenses

English.news.cn   2014-01-15 02:49:29

NEW YORK, Jan. 14 (Xinhua) -- JPMorgan Chase & Co. Tuesday reported its net income for the fourth quarter of 2013 stood at 5. 3 billion U.S. dollars, down 7.3 percent from the same period a year earlier.

The banking giant's revenue for the fourth quarter reached 24.1 billion dollars, down 1 percent compared with a year earlier. Its earnings per share were 1.30 dollars, compared with 1.39 dollars of the same period of last year.

However, the bank said its adjusted earnings would have been 1. 40 dollars per share this year, higher than the 1.35 dollars in the prior year and market expectation.

JPMorgan agreed to pay 2.6 billion dollars in total on Jan. 7 to settle government and private claims which accused the bank of ignoring warning signs of Bernard L. Madoff's Ponzi scheme.

It spent nearly 20 billion dollars in legal issues in 2013, including fines related to mortgage-backed securities it sold ahead of the financial crisis.

For the whole year of 2013, its net income reached 17.9 billion dollars, down from 21.3 billion dollars for the prior year; revenue for 2013 was 99.8 billion dollars, flat compared with 2012 revenue of 99.9 billion dollars.

Jamie Dimon, chairman and chief executive officer of the company, said "we reached several important resolutions" and "it was in the best interests of our company and shareholders for us to accept responsibility, resolve these issues and move forward."

Dimon also said the company stood at the first place in global investment banking fees in 2013 and asset management had excellent performance with positive net long-term client flows up 21 percent.

Editor: Mu Xuequan
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