JPMorgan paints rosy picture even as its stock takes a pounding

New York

JPMORGAN Chase executives painted a positive picture of the US economy and the bank's business at their annual investor day, but they failed to beat back the pessimism that has battered bank shares and the broader stock market in recent months.

The bank, America's largest, saw its share price fall throughout its investor day on Tuesday after disclosing in the morning that it was putting aside an additional US$500 million to cover potential losses from falling oil prices. The stock ended the session down 4.2 per cent, falling more than the broad indexes.