JPMorgan profit falls 8 pct as investment banking struggles

Staff Writer
Columbus CEO

NEW YORK (AP) — JPMorgan's first-quarter profit fell more than 8 percent as its investment bank struggled, but still beat Wall Street expectations.

The largest U.S. bank by assets earned $4.99 billion after payments to preferred shareholders. That compares with a profit of $5.45 billion a year earlier. On a per share basis, the bank earned $1.35, compared with $1.45 a year earlier.

Wall Street had anticipated earnings of $1.26 per share, according to a survey by FactSet.

Net revenue at the bank totaled $23.24 billion, compared with $24.07 in the same period a year earlier.

Shares of JPMorgan Chase & Co. rose 1.2 percent before the stock market opened Wednesday.