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JPMorgan's second-quarter net income falls

Published on NewsOK Modified: July 15, 2014 at 10:07 am •  Published: July 15, 2014
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NEW YORK (AP) — JPMorgan Chase, the nation's largest bank by assets, said Tuesday its second-quarter earnings fell 9 percent as revenue at its investment banking and mortgage businesses dropped.

The bank's net income totaled $5.6 billion in the quarter after payments to preferred shareholders. That was down from net income of $6.1 billion in the same period last year.

Earnings amounted to $1.46 per share, compared with $1.60 a year earlier. They beat the forecasts of analysts polled by FactSet, who predicted earnings of $1.29 a share.

Revenue in the quarter fell 3 percent to $24.5 billion. Analysts had forecast $23.7 billion for the period.

The earnings are the first since JPMorgan CEO Jamie Dimon disclosed at the start of this month that he was battling throat cancer. Dimon, 58, said he plans to remain on the job and be actively involved in key decisions while undergoing radiation and chemotherapy treatment.

Dimon told reporters on a conference call that JPMorgan's board would be continually briefed on his condition and would make any announcements if there were any material changes.

"I'm hoping the next time I talk about this at all, it will be in about eight weeks and I'll tell you (the treatment) is complete and the prognosis is still very good," Dimon said.

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