JPMorgan posts first loss since 2004, a blow to Jamie Dimon

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Workers are reflected in the windows of the Canary Wharf offices of JP Morgan in London. (Reuters) Workers are reflected in the windows of the Canary Wharf offices of JP Morgan in London. (Reuters)
SummaryMortgage banking income declined at JPMorgan, with net revenue falling 45 pct to $2.02 bn

revenue declining 8 percent to $23.9 billion - about in line with forecasts - as fee income and lending income both fell.

JPMorgan and other U.S. banks have struggled to boost profits as loan volume has declined, interest margins have been under pressure, and fee income from debit cards and mortgages has been squeezed.

Also on Friday, Wells Fargo & Co the largest U.S. mortgage lender, reported a 13 percent rise in third-quarter profit but saw a sharp drop in mortgage banking income as a boom in refinancings began to fade.

Mortgage banking income also declined at JPMorgan, with net revenue falling 45 percent to $2.02 billion.

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