JPMorgan reports 6% rise in 1Q profits as bank earnings season begins. Wells Fargo profit falls

JPMorgan Chase reported a modest 6% rise in first quarter profits on Friday, as the major banks start reporting their quarter results for the first quarter. The nation’s largest bank earned a profit of $13.42 billion, or $4.44 a share, compared to a profit of $12.62 billion, or $4.10 a share, in the same period a year earlier. JPMorgan’s results were impacted by a $725 million one-time charge to the Federal Deposit Insurance Corporation. Separately, Wells Fargo reported a decline in profit versus a year ago, although the result beat Wall Street’s expectations.