JPMorgan slumps to loss of $400 million in third quarter

NEW YORK, N.Y. – JPMorgan Chase, the biggest U.S. bank by assets, is reporting a surprise third-quarter loss after a big charge for legal expenses.

The bank says it lost $400 million in the July-to-September period, compared with a then-record $5.7 billion a year earlier.

The bank posted a loss of 17 cents a share in the quarter, compared with $1.40 a share a year earlier.

Analyst had expected earnings of the $1.19 a share, according to data provider FactSet.

Revenue fell 8 per cent, to $23.9 billion, missing analysts’ estimate of $24.1 billion.

News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

The Associated Press

The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.

Related Articles