JP Morgan Q3 Profits Take A Pasting
JP Morgan Chase & Co. says its profit tumbled 84 percent in the third quarter after it took big hits from souring mortgage investments, leveraged loans and home loans.
The company earned $527 million, or 11 cents per share, compared with $3.4 billion, or 97 cents per share, a year earlier.
Astonishingly, the figures are better than anticipated. Analysts had been expecting a loss of 21 cents per share.
Only in the current economic climate can an 84% fall in profits be greeted with relief.
The company earned $527 million, or 11 cents per share, compared with $3.4 billion, or 97 cents per share, a year earlier.
Astonishingly, the figures are better than anticipated. Analysts had been expecting a loss of 21 cents per share.
Only in the current economic climate can an 84% fall in profits be greeted with relief.