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JPMorgan Chase & Co posted a 7.3 percent decline in quarterly profit on Tuesday, as legal woes and weak demand for investment banking services capped off a tough year for Chief Executive Jamie Dimon. The largest U.S. bank had $1.1 billion of legal expenses in the fourth quarter, about $850 million of which was linked to a recent settlement for failing to report its suspicions of fraud at its client Bernard Madoff's fund. The bank agreed to some $20 billion of legal settlements in 2013 - almost equal to a typical year's profit - which covered everything from mortgages it packaged into bonds before the financial crisis, to bad derivatives trades it made in 2012. Dimon said some investigations into JPMorgan are just beginning, implying that legal issues are likely to dog the bank for some time, even if on a smaller scale. Legal headaches aside, the bank faces headwinds in businesses ranging from debt underwriting to advising companies on mergers. Rising bond yields are cutting into demand for issuing debt, and new rules designed to make the financial system safer are also cutting into trading volumes. Investment banking fee revenue dropped 3 percent to $1.67 billion, and stock and bond trading revenue combined was unchanged before accounting adjustments. Shares of JPMorgan were up 0.3 percent at $57.86 in afternoon trading on the New York Stock Exchange. SLUGFEST The results from JPMorgan, the first of the major investment banks to report for the quarter, show the difficulties that rivals like Goldman Sachs Group Inc and Morgan Stanley are facing. "It's going to be a slugfest in 2014 to grow earnings," said Chris Mutascio, a bank analyst at KBW. Still, JPMorgan is hopeful about the future. In 2013, the bank added staff in investment banking and it won market share in most major businesses, including advising companies on mergers and underwriting stock offerings. But overall revenue in most Wall Street businesses is falling or barely growing. Merger volume,

JP Morgan Chase Franklin and International Companies Blog (Jan. 07, 2014 )- The holidays are a time for relaxing, helping the less fortunate, showering family and friends with love and attention-and, sometimes, for smiling and nodding through unsolicited stock tips from an overbearing relative who has been sampling the eggnog. Good advice can make careers and forever change lives for the better. But good advice can make careers and forever change lives for the better. So The Wall Street Journal asked an array of prominent people who manage, invest, study and write about money to share the single best piece of financial advice they ever received-or gave.

Japan economic growth halves in September quarter Tokyo - Japan said on Thursday that growth halved in the July-September quarter as exports weakened and consumer spending slowed, but analysts were divided over what the figure meant for Tokyo's drive to fire up the economy. The once-anaemic economy has lately been growing faster than other G7 nations as a policy blitz led by Prime Minister Shinzo Abe helped push down the yen, giving a boost to exporters and sparking a stock market rally. That has stoked optimism over Japan's prospects. But official data Thursday showed the world's third-largest economy expanded at an annualised rate of 1.9 percent in the last quarter, a marked slowdown from the 3.8 percent rise in the previous three months. However, the figure is higher than the 1.7 percent increase forecast in a poll of economists by the Wall Street Journal. Tokyo's Nikkei stock index closed up 2.12 percent, helped by a weakening yen. On a quarter-on-quarter basis the economy grew 0.5 percent, slightly higher than expectations but well down from the 0.9 percent increase in the previous three months. The figures mean Japan's headline-grabbing growth in the first half of the year has now fallen behind the US economy, which expanded at a 2.8 percent annualised rate in the three months to September. Analysts have been warning that Tokyo's bold pro-growth programme -- a mix of big government spending and central bank monetary easing -- is not enough on its own without promised economic reforms. The proposed shake-up, including loosening rigid labour laws and signing wide-ranging free trade deals, are seen as key to ushering in lasting change in an economy plagued by years of deflation. On Wednesday legislators passed a bill that paves the way for an opening up of the electricity sector, but other key reforms have so far been mostly talk. That has raised the prospect of the Bank of Japan having to expand its already unprecedented monetary easing measures, la

Tokyo shares opened higher Monday, tracking a Wall Street rally on Friday driven by strong US jobs data. The benchmark Nikkei 225 index rose 1.37 percent, or 193.42 points, to 14,280.22 shortly after the opening bell. The market also won support from the weaker yen as the dollar edged up in currency markets to 99.16 yen, from 99.04 yen in New York Friday. Tokyo's rise came after the Dow Jones Industrial Average ended at a fresh record of 15,761.78, up 1.08 percent, fuelled by stronger-than-expected jobs data. The world's biggest economy added 204,000 jobs in October, double what analysts forecast. The broad-based S&P 500 advanced 1.34 percent, while the tech-rich Nasdaq Composite added 1.60 percent. The figures raised the likelihood that the Federal Reserve would wind down its stimulus drive sooner than later. The central bank has said it would start reeling back on its bond-buying -- credited with propping up global equity markets -- once the economy shows firms signs of recovery. "Equity sentiment remains generally strong globally -- enough so to resist the fear of Fed tapering for now," said SMBC Nikko Securities general manager of equities Hiroichi Nishi. "Hopes for more robust economic growth in the world's largest economy should support confidence in a broad sense, while the weaker-yen factor in particular should buoy Japan shares for today," he told Dow Jones Newswires. Meanwhile, the Japanese government announced shortly before the opening bell that the nation's current account -- Japan's broadest measure of trade with the rest of the world -- logged a September surplus of 587.3 billion yen ($5.9 billion), marking the eighth straight month of black ink. Japan has earned hefty returns from decades of investments overseas, making up for a tepid export picture and surging energy import costs.