JPMorgan Chase & Co., the biggest U.S. bank by assets, said first-quarter profit fell 6.7 percent on lower trading and investment-banking revenue and $479 million in wholesale credit costs.
Net income dropped to $5.52 billion, or $1.35 a share, from $5.91 billion, or $1.45, a year earlier, the New York-based company said Wednesday in a statement.
Wall Street pays keen attention to JPMorgan’s report, as it’s the first to show how fixed-income and equities trading and underwriting fared at the biggest U.S. banks. Firms already warned that market turbulence and global growth concerns deterred clients from trading or issuing securities in the first quarter, typically the strongest of the year. Analysts including Jason Goldberg of Barclays Plc have predicted the industry’s worst start to the year since the financial crisis.
Bank of America Corp., the second-biggest U.S. lender, and Wells Fargo & Co., the top U.S. mortgage bank, are scheduled to announce results Thursday. Citigroup Inc. reports on Friday, and Morgan Stanley and Goldman Sachs Group Inc. release results next week.