JPMorgan Chase & Co. tumbled as much as 5 percent, the most in 17 months, after reporting first- quarter profit that fell short of analysts’ estimates on lower revenue from fixed-income trading and mortgages.
William “Wild Bill” Janklow ’s law office in Sioux Falls, South Dakota, is crowded with mementos from his 16 years as a Republican governor. On a low, wooden bookcase, near bottles of hot sauce custom labeled for his annual Buffalo Roundup , he keeps a 4-foot length of red ribbon festooned with Citibank credit cards.
Citigroup Inc. said profit more than doubled as the global economic rebound trimmed costs for bad loans, trading revenue surpassed analysts’ estimates and the value of subprime mortgage bonds increased.
Citigroup Inc.’s first-quarter trading revenue fell by 30 percent after last year’s sale of the Phibro LLC energy-trading unit, contrasting with trading gains at JPMorgan Chase & Co. and Bank of America Corp.