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News Summary: JPMorgan's reports profit jump
Wednesday - 1/16/2013, 4:24pm EST
(AP) - MAMMOTH PROFITS: JPMorgan Chase said Wednesday it earned $5.3 billion in net income for common shareholders in the fourth quarter, up 55 percent over a year ago and almost certainly securing its position as the most profitable U.S. bank of 2012.
MOVING AHEAD: The blockbuster earnings came even as the bank continues to deal with regulatory fallout from a surprise $6 billion trading loss last year. But CEO Jamie Dimon said it is "very close to being a non-issue" as far as losses are concerned.
DOWN PAYMENT: The bank docked pay for CEO Jamie Dimon by more than half, to $11.5 million for 2012 from $23 million for 2011, because of the trading loss. But it also praised him for reacting "forcefully" to deal with the problem.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)