World Economy

JP Morgan Profit Misses Expectations

JP Morgan Profit Misses ExpectationsJP Morgan Profit Misses Expectations

Wall Street banking giant JP Morgan Chase reported higher profits in the three months to September but still missed analysts’ expectations, BBC reported. The largest US bank by assets posted a net income of $6.8 billion, up from $5.5 billion during the same period last year. But it said that net revenue was $23.5 billion, down from $25 billion compared with the year before. Banks have been under pressure to cut costs and hold more capital in reserve in case of future financial shocks. JP Morgan’s chief executive Jamie Dimon said in a statement: “We had decent results this quarter.”