JPMorgan earnings lifted by tax benefits

AFP, NEW YORK: US banking giant JPMorgan Chase reported a jump in third-quarter earnings Tuesday, as a large tax gain offset weaker performance in bond trading and some other businesses.
Earnings for the quarter came in at $6.8 billion, up 22.3 per cent from the year-ago period. Revenues were down 6.4 per cent at $23.54 billion.
JPMorgan, the biggest US bank by assets, said earnings in the corporate and investment bank segment fell 12.9 per cent. This closely watched business saw lower revenues in fixed-income trading, partly offset by higher revenues for equity market trading.
Chief financial officer Marianne Lake said there was “reasonably broad-based market turbulence” in the third quarter due to worries about the slowing Chinese economy and uncertainty about when the US Federal Reserve will raise interest rates.

JPMorgan earnings lifted by tax benefits

AFP, NEW YORK: US banking giant JPMorgan Chase reported a jump in third-quarter earnings Tuesday, as a large tax gain offset weaker performance in bond trading and some other businesses. Earnings for the quarter came in at $6.8 billion, up 22.3 per cent from the year-ago period. Revenues were down 6.4 per cent at $23.54 billion. JPMorgan, the biggest US bank by assets, said earnings in the corporate and investment bank segment fell 12.9 per cent. This closely watched business saw lower revenues in fixed-income trading, partly offset by higher revenues for equity market trading. Chief financial officer Marianne Lake said there was reasonably broad-based market turbulence in the third quarter due to worries about the slowing Chinese economy and uncertainty about when the US Federal Reserve will raise interest rates.