JP Morgan Chase profit declines 6.7% to $5.52 bn
Investment banking major JP Morgan Chase on Wednesday reported a 6.7% year-on-year decline in profits for the quarter ended March to $5.52 billion. The total revenue fell 3% to $24.08 billion. The fall in profits was attributed to an increase in its costs to cover possible bad loans to troubled oil firms and a lower trading and investment banking revenue. 