JPMorgan Q3 net slips; shares lower in premarket

JPMorgan Q3 net slips; shares lower in premarket

JPMorgan Chase & Co reported lower third-quarter net income as the European debt crisis set back corporate dealmaking.

The bank’s shares fell 1.5% in premarket trading to $32.70.

The first major US bank to announce results for the period, JPMorgan said earnings were $4.3 billion, or $1.02 a share, compared with $4.4 billion, or $1.01 a share, a year earlier.

“All things considered, we believe the firm’s returns were reasonable given the current environment," chief executive Jamie Dimon said in a statement.

The results were muddied by adjustments for the market value of the bank’s debt, which gave it a $1.9 billion pre-tax gain.

Wall Street analysts had estimated on average that the bank earned 91 cents a share. It was not clear if the bank’s results were comparable with that estimate.

JPMorgan’s share count declined 3 percent from a year earlier due to stock buybacks.

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