JPMorgan Chase posted a profit, but a disappointing one. They eked out a fourth-quarter profit, but its results were anything but calming to investors who are worried about the mountain of upcoming losses in the troubled banking sector. Defaults surged in a wide variety of loans, ranging from home loans to credit cards to commercial real estate loans. That pretty much covers the entire gamet of loans.
JPMorgan's investment bank was forced to mark down its portfolio by $2.9 billion. And the bank would have reported a net loss for the fourth quarter had it not been for their buy of Washington Mutual Inc. late last year. On Thursday New York based JPMorgan Chase & Co, reported a profit of $702 million or 7 cents per share. At least they made a profit. Many companies lost a great deal of money.
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