NEW YORK (AP) — JPMorgan Chase & Co. is saying its fourth quarter results fell 37 percent from a year ago, as the bank took a one-time charge to its results due to the recently passed Trump tax bill.
JPMorgan said it earned $4.23 billion in the fourth quarter, or $1.07 a share, down from $6.73 billion, or $1.71 a share, in the same period a year earlier. Excluding items, the bank earned $1.76 a share, topping analysts' estimates of $1.69 a share.
JPMorgan wrote down $2.4 billion in what are known as tax-deferred assets, which are basically credits it could have used to pay future income taxes. Because the corporate tax rate fell to 21 percent, JPMorgan had to write down some of those assets.
JPMorgan's quarterly revenue was $25.45 billion, up from $24.33 billion