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JPMorgan Chase plans to keep overall compensation roughly flat this year from last year, in a sign that employees will feel at least some pain from the bank's recent legal settlements. Pay increases have been muted across much of the banking sector in the aftermath of the financial crisis, but JPMorgan's decision would put the bank on the lower end of expectations for the rest of the industry. Earlier this month, compensation consultant Johnson Associates estimated that commercial and retail bankers overall will get bonuses that are unchanged to 5 percent higher this year.
Gap narrowly exceeded analysts��� expectations for third-quarter earnings with a 9.4 percent increase in net income. For the three months ended Nov. 2, net income rose to $337 million, or 72 cents a diluted share, 1 cent above the 71-cent EPS result expected by Wall Street.
Some measures of annual inflation have trended well below the Fed's 2 percent target in recent months, a potential sign that demand in the economy is dangerously low. Some policymakers have expressed concerns over cool rates of inflation, but Richmond Fed President Jeffrey Lacker said price gains were likely to accelerate. "My sense is that inflation will move back toward 2 percent over the next year or two, in part because measures of expected inflation remain well contained," Lacker said in prepared remarks for a business conference.
Abercrombie and Fitch beat estimates by posting adjusted profits of 52-cents a share while experts were estimating 45-cents for the retailer. However, the unadjusted number was actually a loss of 20-cents a share. Abercrombie stock has seen a drop of over 26-percent since the beginning of the year.