JPMorgan's first quarter earnings read like a laundry list of bad news. The press release on the quarter tried to focus on the positives, but when a bank talks about hiring veterans and what it's done for the community - you know it's going to be bad. Net income dropped by 25% and trading was down for both fixed income and equity. Mortgage banking income and mortgage originations both decreased. On a positive note, settlements were immaterial to the quarter.

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