JPMorgan earns $5.3 billion despite legal woes - 1 views
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Mavis Feret on 16 Jan 14Is JPMorgan Chase finally putting its legal problems behind it? The bank earned $5.3 billion, or $1.30 per share, in the final three months of 2013. Revenue fell 1% to $24.1 billion. Excluding certain one-time items, JPMorgan (JPM, Fortune 500) said it earned $1.40 per share in the quarter. That topped analysts' expectations for $1.35 per share. Revenue beat expectations as well. Shares of JPMorgan, the largest bank by assets, were up about 1% in early trading. JPMorgan took a charge of $1.1 billion in the fourth quarter to resolve some of its biggest legal headaches. The charge was partially offset by profits from the sale of a large portion of JPMorgan's investment in Visa (V, Fortune 500), as well as the sale of the company's building at One Chase Manhattan Plaza. CEO Jamie Dimon said in a statement that the bank is pleased "to have put some significant issues behind us this quarter," adding that "it was in the best interests of our company and shareholders for us to accept responsibility, resolve these issues and move forward." The results come less than two weeks after JPMorgan agreed to pay $2.6 billion to settle lawsuits stemming from its relationship with disgraced financier Bernard Madoff.
