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Saturday / November 17.

JPMorgan profit plunges 37 percent on tax hit

(Reuters) – JPMorgan Chase & Co (JPM.N), the biggest U.S. bank by assets, reported a 37 percent drop in quarterly profit on Friday due to a $2.4 billion charge related to the new federal tax law.

The lender’s net profit fell to $4.23 billion, or $1.07 per share, in the fourth quarter ended Dec. 31, from $6.73 billion, or $1.71 per share, a year earlier. [bit.ly/2AR7AUe]

Excluding the tax law impact and other items, net income was $6.7 billion, or $1.76 per share.

Reporting by Sweta Singh in Bengaluru and David Henry in New York; Editing by Saumyadeb Chakrabarty

via Reuters