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SMALL BUSINESS
JPMorgan Earns $3.6B, Tops Estimates
AP
NEW YORK (Oct. 14) - JPMorgan Chase, the first of the big banks to
report third-quarter earnings, says its loan losses are still high
and are expected to remain that way for the foreseeable future, a
troubling sign for the economy.
While JPMorgan has reported a $3.59 billion profit Wednesday, it
also says it nearly doubled the amount of money it set aside for
failed loans in the quarter. The bank says continued weakness in
the housing market pushed defaults of home equity loans and
mortgages higher.
In its earnings statement, the bank also describes the near-term
path of the economy as uncertain.
Big profits in divisions such as investment banking helped the
New York-based bank earn 82 cents per share during the third
quarter. Analysts forecast a profit of 49 cents per share.
Copyright 2009 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
2009-10-14 07:18:50
COMMENTS ( 4 )
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CORALEEZA
8:03AM Oct 14 2009
Ever heard that saying "let the chips fall where they may"? Well, these are not chips, but people, and their falling!
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CGINO
7:43AM Oct 14 2009
They deserve all the loses they have! They have created most of their own problems with their preditory lending practices. These guys are notorious for boosting people's interest rates. When you hear of somebody on the news talking about their bank raised their interest on a credit card from 10 to 30%, you can bet it is a Chase account. I say screw them, they should be allowed to go under!
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HMoseman
7:34AM Oct 14 2009
Worst bank! Never heard back from them after submitting loan modification forms. Finally sold the house! They continue to ripoff the American public with fees and skyrocketing interest rates.
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Johnskii
7:31AM Oct 14 2009
Wait until the next couple of quarters to see what profits JP Morgan Chase will have. They have screwed these profits out of millions of U.S. taxpayers and consumers. Alot of consumers are cancelling Chase accounts and/or not paying on them.
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