JPMorgan Chase, the largest US bank by assets, kicked off Wall Street’s earnings season with lower quarterly profits as the legal costs that have plagued the group for two years continued to take their toll.
It was outshone by Wells Fargo, the San Francisco-based lender, which reported higher full-year profits than its east coast rival for the first time in four years.
At JPMorgan, fourth-quarter net income fell 7 per cent to $5.3bn, or $1.30 a share, on revenue that fell 1 per cent to $24.1bn, compared with the same period a year earlier.
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