JPMorgan misses estimates, caused by trading troubles

NEW YORK (AP) — JPMorgan Chase is reporting that its fourth-quarter profits jumped from a year earlier but still fell short of analysts’ estimates because of weakness in its bond-trading business.

The nation’s largest bank said Tuesday that it earned $7.07 billion in the last three months of the year, or $1.98 per share.

That’s up from $4.23 billion, or $1.07 a share, in the same period a year earlier.

Last year’s profits were affected by the passage of the new tax law, which caused many big banks to write off billions of dollars in what are known as tax-deferred assets.

While JPMorgan’s profits were up 67 percent from a year earlier, they still missed analysts’ estimates of $2.20 a share, according to FactSet.

JPMorgan’s stock fell 2.2 percent in pre-market trading.

Categories: National News