Los Angeles Business Journal

J.P. Morgan Q2 Profit Falls 8.7 Percent

Friday, July 13, 2012

J.P. Morgan Chase & Co. said today that its second-quarter earnings fell 8.7 percent, largely due to double-digit revenue decline and a $4.4 billion trading loss at its chief investment office. The Wall Street Journal reports that nation’s largest bank by assets also plans to restate its first-quarter results to reduce profits and revenue due to the scandal involving traders who made outsize bets on certain corporate credit indexes.