U.S. banking giant JP Morgan reports $5.6bn profitOctober 14, 2014 - 15:37 AMT PanARMENIAN.Net - U.S. banking giant JP Morgan Chase has reported a $5.6bn profit for the three months to Sept 30. The quarterly results represent a marked improvement on a year earlier, when the bank made a $380mln loss, according to BBC News. This was the result of setting aside billions of dollars to settle government charges relating to the sale of mortgage-related investment products in the run-up to the financial crisis. JP Morgan is the first major U.S. bank to report its third quarter results. Other big U.S. banks will post their results later this week. The JP Morgan results were due to be published at 08:30 local time (13:30 BST), but were posted early. They showed total revenue for the quarter of $25.2bn, up 5% on a year earlier. Revenue at the investment banking business fell by $600m, with profits down by 34%. Revenue at the asset management arm grew by $250m to $3bn, with profits up 20%. "Our businesses continue to perform well," said chief executive Jamie Dimon. "While challenges remain in the global economic recovery, the U.S. economy is an exception, showing signs of steady improvement. Corporate America is in good shape, with strong balance sheets, and employment trends continue to be positive." Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |