Trading unit helps JPMorgan return to profit in Q3

New York

JPMORGAN Chase reported that it swung to a profit in the third quarter thanks to better results from its Wall Street operations.

The bank earned US$5.57 billion in the quarter, or US$1.36 a share, compared with a loss of US$380 million, or 17 cents a share, in the period a year earlier, when huge legal and regulatory costs took their toll.

The earnings in the latest quarter were hampered by the US$1.1 billion the bank set aside for legal costs, much of it to deal with an investigation into...

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