JPMorgan kicks off Q1 bank earnings with record

Apr 12, 2013, 11:17 AM EDT
A man talks on his phone while pacing inside of the headquarters of JPMorgan Chase & Co bank in New York, March 15, 2013.
REUTERS/Lucas Jackson

JPMorgan Chase, America's biggest bank, kicked of bank earnings season by reporting a record net income of $6.5 billion for its first quarter, but warned of softening loan growth. Its first quarter results were powered by cost cutting and a recovery from the "London Whale" trading losses that cut into earnings a year earlier. Wells Fargo, America's fourth-largest bank and leading home lender, also reported a higher-than-expected first-quarter profit, up 23%, but said its mortgage business showed further signs of slowing and net interest margins continued to shrink. Shares of both banks fell in morning New York trade following the announcements of their results.