JPMorgan's second-quarter net income falls on lower investment banking and mortgage revenues
JPMorgan Chase said Tuesday its second-quarter earnings fell as revenues at its investment banking and mortgage units dropped.
The bank's net income totaled $5.6 billion in the second quarter after payments to preferred shareholders. That was down 9 percent from the same period a year earlier when it made $6.1 billion.
The earnings amounted to $1.46 per share, compared with $1.60 a year earlier. The results beat the forecasts of analysts, who predicted earnings of $1.29 a share.
Revenue in the period fell 3 percent to $24.5 billion. Analysts had forecast revenue of $23.7 billion for the period.
JPMorgan's stock rose $1.11, or 2 percent, to $57.40 in early trading.