JPMorgan Chase Profit Declines 50%
JPMorgan Chase #3 bank; net income -50%; $2.37 B vs $4.8 B;
revenue -11%; set aside $5.11 billion for credit losses, more than triple the year-earlier $1.6 billion, and up from $3.16 billion in Q4.
The total now set aside for credit loss is $12.6 billion. About $1.1 billion was tied to home equity loans.
Its investment bank wrote down about $2.6 billion, including $1.2 billion for mortgages, $1.1 billion for loans to fund corporate buyouts, and $266 million tied to CDO collateralized debt obligations.
CEO Jamie Dimon: "Our expectation is for the economic environment to continue to be weak and for the capital markets to remain under stress."
revenue -11%; set aside $5.11 billion for credit losses, more than triple the year-earlier $1.6 billion, and up from $3.16 billion in Q4.
The total now set aside for credit loss is $12.6 billion. About $1.1 billion was tied to home equity loans.
Its investment bank wrote down about $2.6 billion, including $1.2 billion for mortgages, $1.1 billion for loans to fund corporate buyouts, and $266 million tied to CDO collateralized debt obligations.
CEO Jamie Dimon: "Our expectation is for the economic environment to continue to be weak and for the capital markets to remain under stress."
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