The FINANCIAL — JPMorgan Chase & Co. reported net income for the fourth quarter of 2013 of $5.3 billion, compared with net income of $5.7 billion in the fourth quarter of 2012.
The FINANCIAL — JPMorgan Chase & Co. reported net income for the fourth quarter of 2013 of $5.3 billion, compared with net income of $5.7 billion in the fourth quarter of 2012. Earnings per share were $1.30, compared with $1.39 in the fourth quarter of 2012. Revenue for the quarter was $24.1 billion, down 1% compared with the prior year. The Firm's return on tangible common equity for the fourth quarter of 2013 was 14%, compared with 15% in the prior year, according toJPMorgan Chase & Co.
Adjusted for the significant items disclosed in our earnings press releases this quarter and in the fourth quarter of 2012, EPS would have been $1.40 this year compared with $1.35 in the prior year and ROTCE would have been 15% this year, flat compared with the prior year.
Net income for full-year 2013 was $17.9 billion, compared with $21.3 billion for the prior year. Earnings per share were $4.35 for 2013, compared with $5.20 for 2012. Revenue for 2013 was $99.8 billion, flat compared with 2012 revenue of $99.9 billion, according to JPMorgan Chase & Co.
"We are pleased to have made progress on our control, regulatory and litigation agendas and to have put some significant issues behind us this quarter. We reached several important resolutions – Global RMBS, Gibbs & Bruns, and Madoff. It was in the best interests of our company and shareholders for us to accept responsibility, resolve these issues and move forward. This will allow us to focus on what we are here for: serving our clients and communities around the world. We remained focused on building our four leading franchises, which all continued to deliver strong underlying performance, for the quarter and the year," said
Jamie Dimon, Chairman and Chief Executive Officer.
"The Corporate & Investment Bank was #1 in global IB fees in 2013, with #1 positions in global debt and equity, syndicated loans, and U.S. announced M&A, and we gained share in Banking and Markets. Consumer & Community Banking deposits were up 8% for the fourth quarter of 2013; client investment assets were up 19%; and general purpose credit card sales volume growth has outperformed the industry for 23 consecutive quarters. Gross investment banking revenue3 was a record $1.7 billion for the year, up 5%. Asset Management also had excellent performance with positive net long-term client flows of $90 billion for the full year 2013 and record loan balances, up 21%," Dimon added.
"During the course of 2013, JPMorgan Chase continued to make a significant positive impact on our communities. In 2013, the Firm provided credit and raised capital of over $2.1 trillion for our clients. The Firm has hired over 6,300 military veterans since 2011 as a proud founding member of the 100,000 Jobs Mission. I am proud of this Company, our employees and what we do every day to serve our clients, customers and communities. We are increasingly optimistic about the future of the U.S. economy and will continue to do our part to support growth, economic development and the creation of new jobs around the world," Dimon said.
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