JPMorgan Chase & Co. today reported lower earnings and revenue on decreased investment banking revenue and increased costs related to the floundering oil and gas market.
First quarter net income was $5.5 billion, or $1.35 per diluted share, down from $5.9 billion, or $1.45 per share, in the first quarter of 2015.
The bank, which is based in New York, has about 30 branches and about 1,450 employees in the Milwaukee market. Many of them work in the Chase Tower in downtown Milwaukee.
JPMorgan’s total net revenue was $24.1 billion in the first quarter, down 3 percent from $24.8 billion in the first quarter of 2015.
Investment banking revenue was down about 13 percent, which contributed to the declines. Also, JPMorgan’s costs were up on bad loans to struggling oil companies.
Leaders attributed the lower results to “challenging markets” and said they plan to buy back $1.9 billion in shares in the first half of the year to increase shareholder value.
“We delivered solid results this quarter with strong underlying drivers,” said Jamie Dimon, chairman and chief executive officer. “The consumer businesses continue to grow loans and deposits impressively, attracting deposits faster than the industry. The U.S. consumer remains healthy and consumer credit trends are favorable.
“As we build for the future, we are continuously innovating and investing to succeed. We are strengthening the firm to withstand any environment and to maintain scale and profitability through the cycle.”
