JPMorgan reports profit of $4.9 billion, but misses estimates; bank hit with legal costs

MarketsAssociated Press

JPMorgan Chase, the biggest U.S. bank by assets, reported a 7 percent drop in fourth quarter earnings Wednesday, coming short of what analysts estimated.

The bank said it earned $4.93 billion, or $1.19 a share, for the three-month period ending in December. That compares with a profit of $5.28 billion, or $1.30 a share, a year ago. JPMorgan's results were hit by a $990 million charge for legal expenses.

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Total revenue fell 3 percent to $22.5 billion from $23.2 billion a year ago.

The results missed Wall Street expectations. The average estimate of analysts surveyed by FactSet was for earnings of $1.31 a share.