JPMorgan Chase posts surprise profit
Analysts expected the bank to break even. But earnings fell sharply from a year ago, while CEO Jamie Dimon warns of "very difficult business climate."
NEW YORK (CNNMoney.com) -- JPMorgan Chase reported a surprise quarterly profit Thursday, even as the company suffered a hit in its investment banking business and was forced to set aside a chunk of cash for looming loan losses.The New York City-based bank said net income fell 76% to $702 million, or 7 cents a share during the fourth quarter, from $2.97 billion, or 86 cents a share, during the same period a year ago.
The results beat expectations, however, as analysts were forecasting that the company would break even for the quarter, according to Thomson Reuters.
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