Apr
13
JPMorgan Profit Beats Estimates on Pay Cuts, Trading Results
By-
Expenses decline 7% to $13.8 billion as compensation falls
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Revenue slips 3% to $24.1 billion, topping expectations
JPMorgan Chase & Co., the biggest U.S. lender by assets, posted first-quarter profit that beat Wall Street estimates as the firm slashed bankers’ pay, and trading revenue declined less than most analysts predicted. The shares rose.
Net income fell 6.7 percent to $5.52 billion, or $1.35 a share, from $5.91 billion, or $1.45, a year earlier, the New York-based company said Wednesday in a statement. On an adjusted basis, per-share earnings were $1.41, beating the $1.25 average estimate of 29 analysts surveyed by Bloomberg…
JPMorgan Profit Beats Estimates on Pay Cuts, Trading Results
