NEW YORK (TheStreet) -- J.P. Morgan (JPM) fell Monday after the bank announced it expects revenue from fixed income and equities trading to drop 20% in the second quarter due to a challenging environment with lower client activity levels.
The bank also said it incurred $347 million in legal fees in the first quarter.
Furthermore, Norway passed over J.P. Morgan in favor of Citigroup (C) to manage its sovereign oil wealth fund. This is the largest such fund in the world with $865 billion in assets.
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The stock was down 2.28% to $54.31 at 10:22 a.m. on Monday.
Separately, TheStreet Ratings team rates JPMORGAN CHASE & CO as a "buy" with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate JPMORGAN CHASE & CO (JPM) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins, attractive valuation levels and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
Highlights from the analysis by TheStreet Ratings Team goes as follows: