JPMorgan earnings fall 18.5%; Wells Fargo reports gain

JPMorgan Chase reported an 18.5 percent slump in first-quarter earnings Friday, as the nation's largest bank grappled with dual challenges: sluggish revenue from trading and lackluster mortgage lending. Wells Fargo, which relies far less than its rivals on fixed-income trading and traditional Wall Street activities under pressure from a spate of new regulations, sidestepped some of the problems bedeviling JPMorgan and reported a 14 percent profit gain.