Jamie Dimon managed to keep his fourth-quarter profit drop to 6.7% by seriously curtailing his legal bills.
The New York-based bank’s first-quarter net income fell to $1.14 billion, or $2.68 a share, from $2.84 billion, or $5.94 a share, a year earlier.
Trading revenue fell 37% to $3.44 billion from $5.46 billion in the same quarter a year earlier. In the past week, other large U.S. banks reported trading results that ranged from a decline of 11% at J.P. Morgan Chase & Co. to a drop of 34% at Morgan Stanley.
If only they’d gotten out of the newspaper business a little sooner.