Thursday, January 15, 2009

JPMorgan Chase posts small profit


JPMorgan Chase has managed to avoid a loss in the fourth quarter, indicating that it is weathering the financial crisis better than some of the other big banks.


The company, however, added $4.1 billion to loan loss reserves, proving that it is not immune to the deepening global recession.


The New York-based company Thursday reported a profit of $702 million, or 7 cents per share, down sharply from $2.97 billion, or 86 cents per share, a year ago.


Analysts, who have been trimming their estimates in recent weeks, expected break-even results.


CEO Jamie Dimon calls the results "very disappointing."


Viewed as one of the stronger U.S. banks for several quarters now, JPMorgan Chase & Co. is in the midst of absorbing the two weaker banks it bought last year: Bear Stearns and Washington Mutual.

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