JPMorgan Chase reported a net profit of $9.7 billion, or $3.12 a share, in the third quarter. That was down 17% from a year ago. But profits (and revenue) topped forecasts, sending shares of JPMorgan Chase (JPM) up 2% in early trading.
The bank’s earnings were dragged down by a boost in reserves for potential default and a collapse in investment banking revenue as global deal activity dried up during the quarter due to market volatility.
But JPMorgan Chase CEO Jamie Dimon was upbeat.
“We continue to make all the investments that we need to grow our businesses and serve our customers,” Dimon said in a press release, adding that “in the U.S., consumers continue to spend with solid balance sheets, job openings are plentiful and businesses remain healthy.”
Still, Dimon conceded that “there are significant headwinds immediately in front of us –…
