Heavy Hitters: Big Banks Flat After Earnings, Apple Cutting iPhone 5C Production?
Shares of JPMorgan Chase (NYSE:JPM) closed the day flat after announcing its latest round of quarterly financial results. It was said that Jamie Dimon, JPMorgan Chase CEO, showed a bit of disappointment Friday after his bank, having taken a $7.2 billion hit from penalties, an anticipated pile-on of future litigation and other legal worries, posted its first quarterly loss since 2004. The results were a blow to Dimon, who has for quite a while used JPMorgan Chase’s reliable profit to push back on critics of its growing regulatory and legal problems. Employing unusually humble language for Dimon, he acknowledged that the first loss under his leadership is “very painful for me personally.” Shares of JPMorgan Chase are up 19 percent this year.