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JPMorgan's Earnings Miss May Signal Gloomy Quarter for Banks


NEW YORK (TheStreet) -- JPMorgan Chase (JPM - Get Report) posted lower profit than analysts estimated after revenue from both consumer and commercial banking businesses declined.

The New York bank's profit of $1.32 a share lagged behind the $1.37 average estimate from analysts, while revenue of $23.5 billion came in under an estimate of $23.7 billion.

For finance companies, "the earnings expectations have been taken down so greatly that if you miss, you are going to be punished -- particularly on the revenue numbers," JJ Kinahan, chief market strategist with TD Ameritrade, said before the bank released its results.

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