October 18, 2007
JPMorganChase Reports Modest Profit
The big banks' reporting of third quarter results continues to reflect this summer's difficulties. JPMorganChase was able to report a 2.3% increase in earnings, even as it took nearly $2 billion in write-downs and increases to consumer loss reserves that reflect the difficulties in its retail and investment banking units. JPMorgan Chase's performance is in sharp contrast to Citigroup's dismal 57% drop in earnings for the third quarter. NYTimes, JPMorgan Chase Posts a Profit, but Takes $2 Billion Write-Down ; WSJ, J.P. Morgan's Time to Grin.
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