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| JP Morgan profit misses expectations | JP Morgan profit misses expectations |
| (about 1 hour later) | |
| Wall Street banking giant JP Morgan Chase reported higher profits in the three months to September but still missed analysts' expectations. | |
| The largest US bank by assets posted a net income of $6.8bn, up from $5.5bn during the same period last year. | The largest US bank by assets posted a net income of $6.8bn, up from $5.5bn during the same period last year. |
| But it said that net revenue was $23.5bn, down from $25bn compared with the year before. | But it said that net revenue was $23.5bn, down from $25bn compared with the year before. |
| The bank also reported $1.3bn in legal costs for the period. | The bank also reported $1.3bn in legal costs for the period. |
| Banks have been under pressure to cut costs and hold more capital in reserve in case of future financial shocks. | Banks have been under pressure to cut costs and hold more capital in reserve in case of future financial shocks. |
| JP Morgan's chief executive Jamie Dimon said in a statement: "We had decent results this quarter. | JP Morgan's chief executive Jamie Dimon said in a statement: "We had decent results this quarter. |
| "We saw the impact of a challenging global environment... We continue to focus on our commitments, optimize our balance sheet and manage our expenses." | "We saw the impact of a challenging global environment... We continue to focus on our commitments, optimize our balance sheet and manage our expenses." |
| In a conference call, the firm pointed to the higher cost of regulation as a factor that would "tap down profit for a while". | In a conference call, the firm pointed to the higher cost of regulation as a factor that would "tap down profit for a while". |