JPMorgan’s fourth quarter earnings hit by Madoff settlements
JPMorgan reported its fourth quarter earnings this morning, beating expectations despite the numerous regulatory penalties, including settlements related to the Madoff case.
Here’s Reuters with the details:
The bank, which agreed last week to pay $2.6 billion to settle government and private claims over its handling of accounts of fraudster Bernie Madoff, said fourth-quarter net income fell 7.3 percent to $5.28 billion, or $1.30 per share.
Adjusted for special items, the company earned $1.40 per share, beating the average analyst estimate of $1.35, according to Thomson Reuters I/B/E/S.
The results took into account gains from the sale of Visa Inc shares and One Chase Manhattan Plaza and legal expenses related to the Madoff settlements.
JPMorgan, which agreed to pay nearly $20 billion in 2013 to settle assorted legal claims, had estimated that settlement of the Madoff claims would subtract $850 million from fourth-quarter earnings.