JP Morgan Chase investment banking profits down slightly to $4.3 billion
New York, NY, United States
October 13, 2011 02:32 pm EDT
Economy, Business And Finance, Company Information, Earnings, Economy, Business And Finance, Company Information, Quarterly Or Semiannual Financial Statement, Economy, Business And Finance, Financial And Business Service, Banking
JP Morgan Chase saw profits for its investment banking arm fall by 4 percent in the three months ending in September, but that was better than expected and still left the bank with a profit of $4.3 billion.
However, that amount was down from the $4.4 billion profit for the same quarter last year.
The ongoing debt crisis in the Eurozone caused much of the fall in profits, bank executives said.
It also brought revenues down as well. The investment arm of the bank saw revenues for the third-quarter fall by 0.3 percent to $23.8 billion.
However, JP Morgan Chase chief executive Jamie Dimon said the bank made a reasonable amount of profit given the current economic environment. Moreover, Dimon reassured shareholders that the bank was conducting business in a cautious manner.
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