JPMorgan Chase kicked off US banks’ third-quarter earnings season in disappointing fashion on Tuesday afternoon, vowing to find another half a billion dollars of cost cuts as it reported profits that missed market estimates.
Analysts had been expecting a subdued period, with interest income compressed by the continued ultra-easy monetary policy of the US Federal Reserve, and investment banking activity hit by softer markets.
In the end, the biggest US bank by assets delivered net income of $6.8bn, or $1.32 a share on an adjusted basis, on revenues about 7 per cent weaker, at $23.5bn. Analysts had expected earnings per share of $1.38, up two cents from a year earlier.
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