The Canadian PressApril 11, 2014 10:05
NEW YORK, N.Y. - JPMorgan Chase, the biggest U.S. bank by assets, said Friday its first-quarter earnings fell 20 per cent, driven by a decline in investment banking and mortgage lending.
EARNINGS: The bank reported net income of $4.9 billion for the first quarter, after stripping out payments to preferred stockholders. That was down from $6.1 billion in the same period a year earlier.
MISSED EXPECTATIONS: 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.