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JPMorgan Chase's income falls 4 percent in 3Q

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[October 13, 2011]  NEW YORK (AP) -- JPMorgan Chase says its third-quarter income fell 4 percent on weaker investment banking and trading results.

The New York bank earned $4.3 billion, or $1.02 per share, compared with $4.4 billion, or $1.01, during the same quarter last year. Analysts surveyed by FactSet forecast the bank would earn 91 cents per share.

The bank's fees from investment banking and capital markets fell as investors stayed away during the tumultuous third quarter.

Revenue from consumer and business banking grew 6 percent. Credit card sales volume rose 10 percent, reflecting higher spending.

JPMorgan Chase & Co.'s stock fell 55 cents, or 1.7 percent, to $32.65 in pre-market trading Thursday.

[Associated Press; PALLAVI GOGOI]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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