File - J.P. Morgan is the first major Wall Street bank to release a first quarter report.
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J.P. Morgan's bond trading revenue plunged 21 percent, and mortgage-lending revenue fell 84 percent from the same quarter last year.Dimon, who earned plaudits for keeping his company consistently profitable during the financial crisis, may be struggling to figure out how to navigate the current environment, however.In his annual letter to shareholders earlier this week, Dimon noted that J.P. Morgan would have spent more than $2 billion more than usual from 2012 through the end of this year on complying with new rules, and devoted more than 1 million work hours to meeting new mortgage rules. Overall, net income fell 19 percent to $5.27 billion, or $1.28 per share, from $6.53 billion, or $1.59 per share, in the same quarter of 2013, the biggest U.S. bank said Friday.J.P. Morgan said non-interest expenses fell 5 percent in the latest quarter, to $14.6 billion.Gains on one-time items, however, contributed to a higher-than-expected 14 percent rise in quarterly profit for the company.J.P. Morgan's shares – which have nearly doubled in price since the bank was rocked in 2012 by its London Whale derivatives trading scandal and the subsequent $6.2 billion loss – were trading at a multiple of 9.56 times estimated forward earnings Thursday.
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