JPMorgan’s $4.4 Billion CIO Loss Drives Profit Down 9%
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JPMorgan Chase & Co., the largest U.S. bank, reported a $4.4 billion trading loss in its chief investment office, bigger than analysts estimated, that helped drive second-quarter profit down 9 percent.
Net income fell to $4.96 billion, or $1.21 a share, from $5.43 billion, or $1.27, in the same period a year earlier, the New York-based company said today in a statement. Six analysts surveyed by Bloomberg estimated the CIO trading loss at $4 billion. The company also restated first-quarter earnings, reducing net income by $459 million, and used securities gains and an $800 million accounting benefit to help boost profit.