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JPMorgan’s first-quarter profit falls 20 percent

By Steve Rothwell
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JPMorgan’s first-quarter profit falls 20 percent

NEW YORK (AP) — JPMorgan Chase, the biggest U.S. bank by assets, said Friday its first-quarter earnings fell 20 percent, driven by a decline in investment banking and mortgage lending.

EARNINGS: The bank reported net income of $4.9 billion for the first quarter, after stripping out payments to preferred stockholders. That was down from $6.1 billion in the same period a year earlier.

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