8:44 AM » J.P. Morgan shares fall 2% on earnings miss
NEW YORK (MarketWatch) -- J.P. Morgan Chase & Co. reported its first-quarter profit fell 19% to $5.3 billion, or $1.28 a share, from $6.53 billion, or $1.59 a share, a year earlier. Revenue fell 8% to $22.99 billion, from $25.12 billion a year earlier, led by weak trading revenue in the country's largest bank said Friday. Mortgage originations plunged 68% over the year, to $17 billion. Investment banking net income was down 15% over the year. Analysts had expected earnings of $1.39 a share on revenue of $24.43 billion, according to FactSet. Shares in J.P. Morgan were down 2% in pre-market trading. "We have growing confidence in the economy -- consumers, corporations and middle market companies are in increasingly good financial shape and housing has turned the corner in most markets -- and we are doing our part to support the recovery," said CEO Jamie Dimon.