JPMorgan Chase & Co. (JPM – Get Report) , the largest U.S. bank, missed analysts’ profit estimates for the first time in four years, as trading revenue fell short of expectations and costs rose for loan-loss reserves.
Net income rose 67% to $7.07 billion, benefiting from the 2017 tax cuts and rebounding from a big write-down taken a year earlier, the New York-based bank said Tuesday in a press release. Earnings per share were $1.98, below the average analyst estimate of $2.20 in a FactSet survey.
