J.P. Morgan Chase & Co. said Thursday its third-quarter profit fell 4% to $4.26 billion, or $1.02 a share, from $4.42 billion, or $1.01 a share, in the year-ago period.
Reported revenue remained about flat at $23.8 billion, while revenue on a managed basis totaled $24.4 billion in the latest quarter, up from $24.3 billion.
Wall Street analysts expected the financial firm to earn 91 cents a share on revenue of $23.3 billion, according to a survey by FactSet Research.
During the quarter, the New York-based component of the 30-stock Dow Jones Industrial Average booked a one-time gain of 29 cents a share from a debit valuation adjustment in its investment bank unit that resulted from widening of the firm's credit spreads.
Its private equity unit reported a loss of 9 cents a share.
The bank took 15 cents a share in litigation expenses related to mortgage matters.
The bank said it faced a challenging banking and capital markets program, but held on to its number one ranking in global investment banking fees so far in 2011.
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