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Profit Falls at JPMorgan

Profit Falls at JPMorgan

JPMorgan Chase kicked off fourth-quarter earnings season, reporting an unexpected drop in profit, DealBook’s Nathaniel Popper writes. The bank said its earnings fell 7 percent, to $4.9 billion, or $1.19 a share, from the $5.6 billion, or $1.30 a share, in the period a year earlier. The most recent results fell short of the $1.31 a share expected by analysts surveyed by Thomson Reuters.JPMorgan Plans To Eliminate 1,800 Employees in Mortgage Unit

Net revenue at the bank dropped 3 percent, to $22.5 billion, from the fourth quarter of 2013. On a so-called managed basis, revenue was $23.55 billion, slightly below the $23.6 billion anticipated by analysts. For 2014 as a whole, JPMorgan reported profit of $21.8 billion, a 21 percent increase.

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