A few days after topping Institutional Investor's All-America Research Analyst poll for the first time, JPMorgan Chase revealed that it booked $4.42 billion in net income for the third quarter 2010.
The firm's reported earnings beat analysts' estimates and were 23 percent higher than its third quarter 2009 net income. However, overall revenue fell by 15 percent, and the bank's fixed-income, currency and commodity trading business (which had been killing it earlier in the year) had a tough three months, with revenue falling by 14 percent.
Still, JPMorgan Chase CEO Jamie Dimon has much to be happy about: his competitors, including Goldman Sachs, Bank of America and Wells Fargo, all of which will be revealing their third quarter results in the coming days, are expected to report significant decreases in overall earnings, not increases.
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