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JPMorgan profit falls

Jan 14, 2014, 9:28 AM EST
People walk by JP Morgan Chase & Company headquarters in New York, August 14, 2013.
AFP/Getty Images

J.P. Morgan Chase & Co.'s fourth-quarter earnings dropped to $5.28 billion, or $1.30 a share, versus a profit of $5.69 billion, or $1.39 a share, in the fourth quarter of 2012. However the adjusted quarterly profit results were better-than-expected. JP Morgan, the largest bank by assets, saw weak results from its investment-banking unit slumped 57% to $858 million as the unit was hit by a $1.5 billion loss from a funding valuation adjustment for over-the-counter derivatives and structured notes.