JPMorgan 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)
The bottom line
July 17, 2008
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