JPMorgan Profit Sinks As Loan Losses Pile Up

By: Associated Press
By: Associated Press
JPMorgan Chase & Company says its profit tumbled 84 percent in the third quarter after it took big hits from souring mortgage investments, leveraged loans and home loans.

**FILE** In this Jan. 16, 2008 file photo, a customer leaves a branch of Chase Bank in New York. JPMorgan Chase reported a 53 percent profit decline Thursday as defaults rose in mortgages and other loans, but the bank's results were better than the market anticipated. (AP Photo/Mark Lennihan, file)

JPMorgan Chase & Company says its profit tumbled 84 percent in the third quarter after it took big hits from souring mortgage investments, leveraged loans and home loans.

But the results are better than expected.

The company earned $527 million, or 11 cents per share, compared with $3.4 billion, or 97 cents per share, a year ago.

Analysts polled by Thomson Reuters expected a loss of 21 cents per share.

Results included a gain of $581 million related to the acquisition of Washington Mutual's banking operations.

The New York bank bought the deposits of Washington Mutual late last month, and acquired Bear Stearns in March.

JPMorgan Chase is the fifth-largest bank in Colorado, with nearly 5.5 percent of all deposits.


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