Instant view: JPMorgan posts lower quarterly profit
NEW YORK (Reuters) - JPMorgan Chase & Co (JPM.N: Quote) reported lower fourth-quarter profit as the European debt crisis continued to weigh on trading and corporate deal-making.
The first major U.S. bank to announce results for the period, JPMorgan said net income was $3.72 billion, or 90 cents a share, compared with $4.83 billion, or $1.12 a share, a year earlier.
Below are comments from analysts and investors:
ANTHONY POLINI, EQUITY ANALYST, RAYMOND JAMES & ASSOCIATES:
"JPMorgan results bode well for the rest of the industry despite a decline in market-related income."
RICK MECKLER, PRESIDENT OF INVESTMENT FIRM LIBERTYVIEW CAPITAL MANAGEMENT IN NEW YORK:
"Because bank stocks have run up tremendously since early this year and heading into this earnings season, some were expecting something better, but overall, the results are in line with the broad expectation. Their results show that there are major headwinds against the banking industry and it requires a strong management team to battle the headwinds."
"I don't think Europe was such a big issue, especially for a bank this big. The bigger negatives tends to be the housing and mortgage situation and investors questioning, have we really hit bottom in this sector or is this just a blackhole?"
GARY TOWNSEND, CEO, HILL-TOWNSEND CAPITAL, CHEVY CHASE, MARYLAND: Continued...