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Business & Technology

JPMorgan's first-quarter profit falls 20 percent

April 11th, 2014 9:40 am by STEVE ROTHWELL, AP Business Writer

JPMorgan's first-quarter profit falls 20 percent

In this May 11, 2012 file photo, people stand in the lobby of JPMorgan Chase headquarters in New York. (AP Photo/Mark Lennihan, File)

NEW YORK (AP) — JPMorgan Chase, the nation's biggest bank by assets, said Friday its first-quarter earnings fell 20 percent, driven by a decline in revenue at its investment banking and mortgage units.

The bank made $4.8 billion in the first quarter, after stripping out payments to preferred stockholders. That was down from $6.1 billion in the same period a year earlier.

On a per-share basis, the earnings amounted to $1.28. That was worse than estimates of analysts polled by FactSet, who had been expecting $1.39.

Revenue was $22.9 billion, down 8 percent from $25.1 billion a year earlier.

Lower mortgage fees pushed revenue down at the JPMorgan's consumer banking unit. Revenue at the investment banking unit slumped 15 percent to $8.6 billion, hurt mainly by the bank's fixed-income trading business.

Shares are down $1.90, or 3.3 percent, at $55.50 in pre-market trading.

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