NEW YORK (Reuters) - JPMorgan Chase & Co reported lower fourth-quarter profit as the European debt crisis continued to weigh on trading and corporate deal-making.
The first major U.S. bank to announce results for the period, JPMorgan said net income was $3.72 billion, or 90 cents a share, compared with $4.83 billion, or $1.12 a share, a year earlier.
Below are comments from analysts and investors:
MIKE HOLLAND, FOUNDER, HOLLAND & CO LLC:
"I think the earnings show how well JPMorgan can be managed in one of the roughest times. They were lagging in revenues but they were able to manage through that. Investment banking was predictably lousy. Trading was predictably lousy. But they were able to pull off a meet-or-beat quarter."
PETER CARDILLO, CHIEF MARKET ECONOMIST AT ROCKWELL GLOBAL CAPITAL, NEW YORK:
"JPMorgan results are certainly closely eyed as they set the tone for the financial sector earnings. This time, they didn't have any market surprises so investors will be focused more on other things today like the move in the euro and the result of bond auctions in Spain which the yields came down but saw somewhat of a tepid demand."
(Reporting by Angela Moon, Rick Rothacker; Compiled by Paritosh Bansal)
