The Bottom Line
JP Morgan Chase said its quarterly profits fell a greater-than-expected 34 percent, to $2.79 billion, after it took $1.3 billion in new subprime-mortgage-related write-downs.
JP Morgan Chase, the No. 3 U.S. bank, said its quarterly profits fell a greater-than-expected 34 percent, to $2.79 billion, after the bank took $1.3 billion in new subprime-mortgage-related write-downs. JP Morgan has weathered the credit crunch better than its peers. But with trouble looming in the credit card sector, “we feel that JP Morgan cannot escape tougher external conditions,” said Deutsche Bank analyst Michael Mayo. (Bloomberg)
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