JP Morgan results fall short of expectations

JP Morgan results fall short of expectations

One of the world’s biggest banks, JP Morgan Chase, has reported a net income of $6.8 billion, below analysts’ expectations.

Net revenue was $23.5 billion, down from $25 billion the year before.

Jamie Dimon, Chairman and CEO, said in a statement:

“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.

“Our position of strength allows us to make significant investments to transform the businesses we operate, deliver better experiences to our customers and clients, gain share and be positioned to be a long-term winner.”

The bank reported $1.3 billion in legal costs for the three months to September, and warned that fourth quarter results may come in under expectation too. Shares in the bank fell 0.3 percent to $61.55 in regular trading, and another 1.4 percent after hours.