JPMorgan posts record profit of $6.5B. JPMorgan’s (JPM) net income rose to a record $6.5B in Q1 from $4.9B a year earlier as EPS of $1.59 beat forecasts, but revenue slipped to $25.8B from $26.8B and missed consensus. Earnings received an $0.18-a-share benefit from reduced loan-loss reserves in mortgages and credit cards, but the business of banking – loan growth – slowed “across the industry.” Shares were -0.6% premarket.
JAB to buy DE Master Blenders for €7.5B. A consortium led by Joh A Benckise (JAB) has agreed to acquire Dutch Sara Lee spin-off D.E. Master Blenders 1753 for €12.50 a share in a deal that values the maker of Douwe Egberts coffee and Pickwick tea at €7.5B. The price is lower than the €12.75 mentioned when the sides first disclosed talks about a transaction in March. The purchase would add to JAB’s stakes in Peet’s