PMorgan Chase, the No. 3 U.S. bank, reported a 53 percent drop in quarterly profit, to $2 billion, soundly beating analysts’ expectations. The drop in profit was due largely to $1.1 billion in write-downs at its investment banking business, but JPMorgan has weathered the credit crunch better than most of its peers. Investors reacted positively to the earnings news. (Reuters)
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