JP Morgan earnings fall short of expectations in third quarter

Third quarter results unveiled earlier than expected by JP Morgan were lower than consensus expectations after the bank took a $1bn charge on legal expenses.

Regulatory filings, which appeared to have been released ahead of time, showed diluted earnings per share were $1.36 versus expectations of $1.39.

For the nine months of the year so far, earnings are up 34% year-on-year to $4.1.

Total net revenue for the nine months is down 2% to $71.7bn after a 5% increase in the quarter, but net income is up 33% to $16.8bn after it slowed 7% in the quarter.

The bank's Tier 1 capital ratio stood at 11.5%, up from 9.8% at the end of the second quarter.