JPMorgan's first-quarter profit falls 20 percent

[unhappycamper]

http://www.adn.com/2014/04/11/3420462/jpmorgans-first-quarter-profit.html?sp=/99/171/

JPMorgan's first-quarter profit falls 20 percent
By STEVE ROTHWELL
AP Business Writer
April 11, 2014 Updated 13 minutes ago

NEW YORK — JPMorgan Chase, the nation's biggest bank by assets, said Friday its first-quarter earnings fell 20 percent, driven by a decline in revenue at its investment banking and mortgage units.

The bank made $4.8 billion in the first quarter, after stripping out payments to preferred stockholders. That was down from $6.1 billion in the same period a year earlier.

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.

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Lower mortgage fees pushed revenue down at the JPMorgan's consumer banking unit. Revenue at the investment banking unit slumped 15 percent to $8.6 billion, hurt mainly by the bank's fixed-income trading business.

[rock]

1. Ouch! Only made $4.8 billion in the first quarter

And they're a bank you say. They sit on their asses all year and only made $4.8 billion in the first quarter. Ouch.