JPM Morgan Chase & Co. (NYSE: JPM), the largest U.S. bank, reported a profit of $6.8 billion in the third quarter, up 22 percent from a year ago, boosted by cost cuts.
But, the banking company, which ranks 4th in deposit market share in the Syracuse metro area, missed analysts’ estimates. It reported earnings per share of $1.32, not including one-time items, which was below the average analyst estimate of $1.37 a share.
Net revenue fell to $23.5 billion in the third quarter from $25.1 billion in the year-ago quarter, driven mostly by lower trading and mortgage banking revenue, JPM Morgan Chase said.
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“We had decent results this quarter. We saw the impact of a challenging global environment and continued low rates reflected in the wholesale businesses’ results, while the consumer businesses benefited from favorable trends and credit quality,” Jamie Dimon, chairman and CEO, said in the earnings release.
The New York City–based banking giant reported its earnings after the close of regular trading Tuesday.
JPM Morgan Chase shares fell in early trading Wednesday, and were down $1.83, or nearly 3 percent, to $59.72 as of 11:02 a.m.
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