JPMorgan’s Fourth Quarter Profit Falls As Legal Costs Rise

JPMorgan, the biggest U.S. bank by assets, unveiled its fourth-quarter results Wednesday, reporting a 6.6% drop in quarterly profit hit by higher-than expected legal expenses. Kicking off fourth-quarter reporting season for financial services sector, JPMorgan also reported lower revenue from its mortgage business, with the national housing market stuck in a slow period. JPMorgan’s net income drops JPMorgan’s net income dropped to $4.93 billion or $1.19 per share, in the fourth quarter from $5.28 billion or $1.30 per share a year earlier. Moreover, its revenue on a reported basis dropped 2.8% to $22.51 billion. Consensus estimates from Thomson Reuters indicated analysts had…