JPMorgan sees profits fall – but beats estimates

 
City A.M. Reporter
JPMorgan Chase & Co reported lower third-quarter profits as investment banking fees fell with a slowdown in corporate dealmaking.

The first major U.S. bank to announce results for the period, JPMorgan said earnings were $4.3bn (£2.8bn), or $1.02 a share, compared with $4.4bn, or $1.01 a share, a year earlier.

However, the results were better than forecast.

The company's share count declined three per cent from a year ago as it bought back stock.