News Summary: JPMorgan's reports profit jump

AP News
Posted: Jan 16, 2013 4:47 PM

MAMMOTH PROFITS: JPMorgan Chase said Wednesday it earned $5.3 billion in net income for common shareholders in the fourth quarter, up 55 percent over a year ago and almost certainly securing its position as the most profitable U.S. bank of 2012.

MOVING AHEAD: The blockbuster earnings came even as the bank continues to deal with regulatory fallout from a surprise $6 billion trading loss last year. But CEO Jamie Dimon said it is "very close to being a non-issue" as far as losses are concerned.

DOWN PAYMENT: The bank docked pay for CEO Jamie Dimon by more than half, to $11.5 million for 2012 from $23 million for 2011, because of the trading loss. But it also praised him for reacting "forcefully" to deal with the problem.