JPMorgan Chase revenue falls as markets income dips 11%

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JPMorgan Chase & Co.
mentioned Friday its fourth-quarter revenue fell to $10.4 billion, or $3.33 a share, from $12.14 billion, or $3.79 a share within the year-ago quarter. Managed income rose 1% to $30.3 billion, with reported income of $29.3 billion. The megabank was anticipated to earn $3.01 a share and generate income of $29.78 billion, in response to a survey of analysts by FactSet. Whole Markets income of $5.3 billion fell 11%, together with a drop of 16% in mounted earnings markets and a 2% dip in fairness markets. “The economic system continues to do fairly nicely regardless of headwinds associated to the Omicron variant, inflation and provide chain bottlenecks,” CEO Jamie Dimon mentioned. “Credit score continues to be wholesome with exceptionally low web charge-offs, and we stay optimistic on U.S. financial progress as enterprise sentiment is upbeat and customers are benefiting from job and wage progress.” The inventory fell about 1% in premarket trades. JPMorgan shares have risen 6.2% up to now this yr, in comparison with a drop of two.3% by the S&P 500 and a dip of 0.6% by the Dow Jones Industrial Common.

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