Business News
JPMorgan Chase fourth-quarter profits drop 23 per cent
Jan 13, 2012, 16:02 GMT
New York - JPMorgan Chase saw record annual profits in 2011, but the impact of the debt crisis weighed on its balance sheets in the second half of the year, pushing profits down in the final quarter, the US bank said Friday.
Profits rose 9 per cent for the year to 19 billion dollars, its largest-ever annual profit, as JPMorgan Chase benefited from the downfall of competitors and an expansion of its consumer banking business.
But fourth-quarter profits soured, dropping 23 per cent to 3.7 billion dollars on losses from investment banking.
The once-profitable investment banking sector has slowed substantially, and the company decreased the number of its investment bankers by 300, to 26,000, despite an 8-per-cent increase in overall employment.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
