JPM reported net income of $4.96 billion, $1.21 a share, a decrease from $5.43 billion or $1.27 a share last year. Total revenues decreased to $22.18 billion. These are impressive numbers considering that they include losses on the CIO’s balance sheet of $4.4 billion from the London Whale fiasco. Jamie Dimon did say that the synthetic credit portfolio division responsible for the loss would be closed.
Profit declined 7% in the investment banking division due to lack of revenues when compared to a year before.
David Cornes holds a degree in economics from the University of Montana.