JPMorgan Chase’s quarterly earnings fell 4 percent as the European debt crisis pushed investment banking clients to the sidelines, but results were helped by an accounting gain the bank can take when markets are in turmoil, Reuters reports
Excluding the accounting adjustment, JPMorgan's third-quarter profit dropped 25 percent. Shares of the second-biggest U.S. bank fell 3 percent to $32.18 (20.51 pounds) in early trading Thursday. The results, the first from a major U.S. bank for the quarter, underscore how market turmoil has clobbered investment bank revenue. With stock markets plunging, companies are more reluctant to issue securities or acquire rivals.
JPMorgan CEO Jamie Dimon said the company is cutting 1,000 jobs in its investment bank. Banks globally are laying off staff in the wake of weak stock and corporate credit markets.
Learn more at http://uk.reuters.com/article/2011/10/13/uk-jpmorgan-idUKTRE79C27N20111013
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