JPMorgan Chase has reported net income of $4.9bn for the fourth quarter of 2014, down 7.5% compared with $5.3bn a year ago.
The decrease was driven by surge in legal costs which stood at $1.1bn in the fourth quarter, a surge of 30% compared to the year ago period.
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Revenue for the quarter was $23.6bn, down 2% compared with the prior year. The firm said that its return on tangible common equity for the fourth quarter of 2014 was 11%, compared with 14% in the prior year.
The asset management division of the bank posted a net income of $540m for the quarter, a decrease of $41 million, or 7%, from the prior year.
The unit’s net revenue was $3.2bn, flat to the prior year. Noninterest revenue was $2.6bn, down $26m, or 1%, from the prior year.
Revenue from the bank’s Global Investment Management was $1.7bn, down 3% compared with the prior year. Revenue from Global Wealth Management was $1.5bn, up 4% compared with the prior year.
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By GlobalDataClient assets were $2.4 trillion, an increase of $44bn, or 2%, compared with the prior year. Assets under management were $1.7 trillion, an increase of $146bn, or 9%, from the prior year, due to net inflows to long-term products and the effect of higher market levels.
