Weakness in the mortgage and bond-trading businesses socked JPMorgan Chase & Co. with disappointing first-quarter earnings, a signal that the start of this year was a tough time for the banking industry.
JPMorgan, the nation's largest bank, is trying to regain momentum after making record legal settlements in late 2013. It reported Friday that it earned $5.27 billion, or $1.28 per share, down 19% compared with $6.53 billion, $1.59 per share, in the first quarter of last year. Revenue fell 8% to $23.9 billion.
Wall Street had expected a profit of $1.40 per share at JPMorgan Chase on $24.5 billion in revenue.
Chief Executive Jamie Dimon called the results "a good start to the year, given there were industry-wide headwinds" in fixed-income markets and mortgages.
"We have growing confidence in the economy," Dimon said in a statement announcing the results. "Consumers, corporations and middle market companies are in increasingly good financial shape and housing has turned the corner in most markets."