JPMorgan Chase books $3.3 billion profit
JPMorgan Chase reported better-than-expected profits of $3.3 billion in the 4th quarter Friday, helped by healthy results from its investment banking business.
The New York City-based banking giant also revealed that compensation expenses climbed 18% during the year to $26.9 billion.
Kicking off the fourth quarter earnings season for the nation's top banks, the company said it earned 74 cents on a per share basis during the final three months of 2009.
That was much better than Wall Street was anticipating. Analysts polled by Thomson Reuters expected the company to report a profit of $2.46 billion for the quarter, or 61 cents a share.
Shares of JPMorgan Chase (JPM, Fortune 500) fell about 1% in early morning trading though as revenue numbers fell short of expectations.
