JP MORGAN CHASE, WELLS FARGO SEE EARNINGS RISE
JPMorgan Chase & Co.’s third-quarter profits rose by 24 percent from a year ago, helped by a lower tax bill and higher interest rates, which allowed it to charge more for loans to consumers and businesses. The New York-based bank said Friday that it earned $8.38 billion in the July-September period, or $2.34 a share, up from $6.73 billion, or $1.76 a share. The results beat analysts’ expectations. Wells Fargo, meanwhile, reported higher earnings in the third quarter but fell short of what analysts were looking for. The San Francisco-based bank saw earnings jump to $6 billion from $4.5 billion, although last year it had to set aside $1 billion for legal expenses related to its mortgage practices before the financial crisis. But earnings per share of $1.13 fell short of the $1.17 analysts expected.