Entries in Quarterly Profit (3)


JPMorgan Executive Pay ‘Clawbacks’ Revealed

Chris Hondros/Getty Images(NEW YORK) -- JPMorgan Chase has initiated compensation clawbacks related to its $5.8 billion trading loss, after announcing that some employees may have intentionally tried to hide the bad trades.

Ina Drew, who formerly led JPMorgan Chase’s chief investment office that was responsible for the bank’s trading loss, has agreed to forfeit two years worth of compensation, though her severance amount has not been reported yet.

JPMorgan Chase accepted that offer, the maximum clawback allowable under the firm’s employment policy, said company spokesman Joe Evangelisti, according to Bloomberg News.

Other managers in the London-based chief investment office left the company without severance and will have to forfeit up to two years of compensation.

Earlier on Friday, JPMorgan Chase reported second-quarter profit of $5 billion and that the losses on the CIO’s synthetic credit portfolio was $4.4 billion for the period.  The trading loss cut profits by nine percent for the quarter.


The bank’s shares rose six percent to $36 Friday after officials said the trading loss would be no more than $7.5 billion.

Copyright 2012 ABC News Radio


JPMorgan's Fourth Quarter Profit Falls on European Debt Crisis

STAN HONDA/AFP/Getty Images(NEW YORK) -- JPMorgan Chase, the first of the biggest banks reporting their year-end results, said Friday that fourth-quarter profit fell 23 percent but was in line with analysts' expectations.

The largest bank by assets said in a statement that profit fell to $3.73 billion, or 90 cents a share, from $4.83 billion, or $1.12, a year earlier.  Investment banking revenue declined by 30 percent as trading slowed because of the financial crisis in Europe.

Investment bank Keefe, Bruyette and Woods expected strong fourth quarter earnings from JPMorgan, saying it is "top" in the universal bank space given its diversified business mix, strong balance sheet and near-term potential for a return on equity.

David Konrad, an analyst with Keefe, Bruyette and Woods, gave a lower forecast than the consensus for the bank's earnings but gave it the highest of its three ratings, outperform.  Konrad expected 80 cents earnings per share, lower than the consensus of 90 cents.

"We believe these returns were reasonable given the environment, although the return for the fourth quarter was modestly disappointing," Jamie Dimon, CEO of JPMorgan Chase, said in a statement.

Due to the elongated European sovereign debt crisis, Keefe, Bruyette and Woods recently lowered earnings estimates at four of the universal banks, JPMorgan Chase, Citigroup, Goldman Sachs and Morgan Stanley.

Copyright 2012 ABC News Radio


Apple Reports Largest-Ever Quarterly Profit of $6 Billion 

Photo Courtesy - Getty Images(CUPERTINO, Calif.) -- On Tuesday, Apple, Inc. reported its highest-ever financial results for its fiscal 2011 first quarter. 

Holiday sales pushed the tech company's revenue to just under $27 billion while its net quarterly profit came to a record $6 billion.  Apple netted $3.38 billion in the same quarter one year ago.

"We had a phenomenal holiday quarter with record Mac, iPhone and iPad sales," said Apple CEO Steve Jobs in a statement.  "We are firing all cylinders, and we've got some exciting things in the pipeline for this year including iPhone 4 on Verizon which customers can't wait to get their hands on."

During the successful quarter, Apple sold 4.13 million Macs, 16.24 million iPhones, 19.45 million iPods and 7.33 million iPads. 

Steve Jobs on Monday announced he would be taking a medical leave of absence, but did not specify details. Jobs did say, however, that he would continue to be involved in all major decisions for the company.

Copyright 2011 ABC News Radio

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