Skip to: Content
Skip to: Site Navigation
Skip to: Search

July 25, 2008 4:58:58 PM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Hawks Circling Subprime Carnage

Posted Jan 17, 08 12:33 PM CST in Business 

(Newser) – After largely dodging the subprime bullet that tore through most of Wall Street’s big banks, JP Morgan Chase is looking to make a move, the Wall Street Journal reports. Buoyed by three years of cost cutting and refocusing its business, Morgan has nearly doubled its mortgage market, is flush with cash, and eager to expand through acquisition.

Morgan's fourth-quarter profits plunged 34% yesterday, but the bank is still better off than most. Major West Coast and Southeast players have been leveled by the housing downturn, which “make it more likely” shopping will begin in earnest. Morgan isn’t the only firm looking to capitalize—Goldman Sachs’ record profits have helped it close a covey of mortgage-related deals.

Source Wall Street Journal

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Bear Stearns Staffers Gird for Mass Layoffs After $3B Hit

    Mar 26, 08 7:30 AM CDT
    Bear Stearns Staffers Gird for Mass Layoffs After $3B Hit The Icarus-like fall of Bear Stearns stock, trading as high as $170 a share a year ago before plummeting to $2 last week, has cost Bear employees—who once owned nearly a third of the company—more than $3 billion. That's even after JPMorgan raised its bid for the investment bank to close to $10 a share, reports Reuters. More »

  • Angry Shareholders Want More for Bear Stearns

    Mar 19, 08 7:19 AM CDT
    Angry Shareholders Want More for Bear Stearns Bear Stearns shareholders are threatening to vote against its sale to JPMorgan, saying the $2 price per share for the nation’s fifth largest investment bank is unrealistic; speculators seem to agree, trading up Bear stock to $5.91 yesterday, a 23% bump. Expect some serious brinkmanship to force a higher offer or lure another bid, reports the Wall Street Journal. More »

  • JP Morgan Buys Bear Stearns for $2 a Share

    Mar 16, 08 6:35 PM CDT
    JP Morgan Buys Bear Stearns for $2 a Share JP Morgan has agreed tonight to buy Bear Stearns for a scant $2 a share, a bargain-basement price—stock closed at $30 a share—that demonstrates the urgency of staving off the collapse of the venerable investment bank and widespread panic in financial markets, the AP reports. The Bush administration and Federal Reserve have reportedly approved the all-stock sale, which was rushed today under federal oversight to avoid Stearns filing for bankruptcy, the New York Times reports. More »

  • JP Morgan Profit Drops 34% in Q4

    Jan 16, 08 7:03 AM CST
    JP Morgan Profit Drops 34% in Q4 Subprime mortgage writedowns of $1.3 billion cut deeply into better-than-expected revenue gains at JP Morgan Chase in the fourth quarter, leaving the nation’s third-largest bank with net income of $2.97 billion, or 86 cents per share, a 34% drop from a year ago, reports Bloomberg. The writedown is a pittance compared to Citigroup’s $18.1 billion announced yesterday. More »

  • Americans Falling Behind on Credit Cards

    Dec 23, 07 10:35 PM CST
    Americans Falling Behind on Credit Cards It’s already looking like an iffy New Year for many credit-card holders: the number of Americans falling behind on their payments spiked sharply this year and analysts don’t expect 2008 to be much brighter. The value of credit card accounts at least 30 days late surged 26% in October to $17.3 million, the AP found. Defaults—when lenders give up and write off the debt—jumped 18% to almost $961million. More »

The headquarters for J.P. Morgan Chase & Co. is shown in this Jan. 17, 2006 file photo in New York.   (Associated Press)
James Dimon, chairman and CEO of JP Morgan Chase & Co., holds a news conference in New York in this file photo of June 14, 2007.   (Associated Press)
JP Morgan Chase is cash-rich and looking to make moves.   (Getty Images)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (1 of 2)

Tags

subprime mortgages  • acquisitions  • JPMorgan Chase


Loading...

Loading...

Today's Most Popular


Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »