Daily News: January 14, 2014

JPMorgan Chase Reports Lower Q4, FY Earnings

JPMorgan Chase reported net income for the fourth quarter of 2013 of $5.3 billion, compared with net income of $5.7 billion in the fourth quarter of 2012. Earnings per share were $1.30, which was higher than the $1.27 EPS estimate of analysts polled by Thomson Financial.

Net income for full-year 2013 was $17.9 billion, compared with $21.3 billion for the prior year.

Commenting on the results, Jamie Dimon, chairman and chief executive Officer, said: “We are pleased to have made progress on our control, regulatory and litigation agendas and to have put some significant issues behind us this quarter. We reached several important resolutions – Global RMBS, Gibbs & Bruns, and Madoff. It was in the best interests of our company and shareholders for us to accept responsibility, resolve these issues and move forward. This will allow us to focus on what we are here for: serving our clients and communities around the world. We remained focused on building our four leading franchises, which all continued to deliver strong underlying performance, for the quarter and the year.”

To read the full JPMorgan Chase news release click here.