You are here

JPMorgan quarterly profit rises 10% as expenses drop

611636366982 - 14_10_2015 - US-BANKING-EARNINGS-JPMORGAN-FILES.jpg
JPMorgan Chase & Co is looking to hire in Saudi Arabia as the world's biggest oil exporter weighs asset sales and opens its stock market to foreign investors, according to Bader Alamoudi, chief executive officer of the bank's local investment banking unit.

[NEW YORK] JPMorgan Chase & Co, the biggest US bank, said fourth-quarter profit rose 10 per cent as expenses from litigation and employee compensation shrank.

Net income rose to US$5.43 billion, or $1.32 a share, from US$4.93 billion, or $1.19, a year earlier, according to a statement Thursday from New York-based JPMorgan. Earnings were $1.40 a share excluding litigation costs and accounting adjustments, beating the $1.27 average estimate of 29 analysts surveyed by Bloomberg.