Major Columbus Employer Reports Drop In Quarterly Income

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Stock market table(Photo: File photo)
Stock market table(Photo: File photo)

One of the largest private employers in Central Ohio today says its quarterly income fell sharply during the final months of 2011.

JP Morgan Chase says set asides for future litigation and declines in investment income took a financial toll during the last quarter. The bank employs 19,000 workers in Central Ohio. Its quarterly income fell 23% as investment income declined and it set aside more than a half billion dollars for legal challenges related to poorly written mortgages.  On the plus side of the ledger,  the bank says it has completed 452,000 mortgage modifications and fewer consumers are delinquent on loans.

Associated Press contributed to this story