New York • JPMorgan Chase said Tuesday that its profits fell 7 percent in the fourth quarter, hampered by more legal woes and a decline in the bank's investment banking business.
The bank reported net income of $5.28 billion in the last three months of 2013, down from $5.69 billion in the same period a year earlier.
On a per-share basis, JPMorgan said it earned $1.30 a share in the quarter, compared with $1.39 a share a year earlier. The bank's revenue fell 1 percent to $24.1 billion.
LEGAL WOES CONTINUE: The bank's most recent results had several one-time items, including a 27-cent-per-share charge related to legal expenses. On an adjusted basis, the bank said it earned $1.40 per share. One of those legal expenses was the settlement over the bank's involvement in the Ponzi scheme of Bernard Madoff. The bank agreed Jan. 8 to pay $1.7 billion to settle criminal charges stemming from its failure to report its concerns about Madoff's private investment service.