JPMorgan Chase’s profit jumps 23 percent in 3Q
NEW YORK (AP) _ JPMorgan Chase posted a 23 percent gain in net income for the third quarter Wednesday, mostly because the banking giant set aside less money to cover losses from bad loans.
Revenues fell sharply in a sign that tighter regulations and a sluggish economy are taking a toll.
New York -based JPMorgan Chase & Co. , the first major bank to report third-quarter results, earned $4.42 billion , or $1.01 per share, in the three months ending in September, beating analysts’ expectations. It earned $3.59 billion , or 82 cents , during the same period last year. Revenues fell 15 percent to $24.3 billion .
