According to the Wall Street Journal, at JPMorgan, the
largest U.S. bank by assets, revenue in the first quarter of 2013 fell 4% from
the same period a year earlier. The mortgage squeeze affected the firms'
overall results. Net-interest income, which reflects the amount a bank makes
from its loans, dipped 6%, to $10.9 billion, from a year earlier. Even so, J.P.
Morgan's net income rose 33%, to $6.53 billion, or $1.59 a share, as a jump in
investment-banking income and a cut in expenses helped cushion the mortgage
pullback.
The full essay is at "JPMorgan: An Unethical Monstrosity?"
