GIANT investment bank JP Morgan swung back into profit in the third quarter, it announced yesterday, moving past the losses it made last year on huge legal bills.
Profits came in at $5.6bn (£3.5bn) for the three-month period, compared with a loss of $400m for the third quarter of 2013.
Revenues climbed five per cent to $25.2bn, while expenses dived 33 per cent to $15.8bn.
Consumer banking profits edged down one per cent to $2.5bn, while corporate and investment banking profits fell 34 per cent on the year to $1.5bn. Asset management profits were a bright spot, rising 20 per cent to $572m.
But the bank fears the wobbling global recovery could put the breaks on profit growth into the fourth quarter.
And bosses gave investors notice that revenues will fall in the final three months of the year, thanks to the sale of its physical commodities trading business.
JP Morgan’s shares slid 0.29 per cent to $57.99 on the day.