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JPMorgan Q1 Profits Plunge 50% on $5.1B Writedowns

Posted Apr 16, 08 7:18 AM CDT in Business 

(Newser) – JPMorgan Chase, battling $5.1 billion in subprime writeoffs and deteriorating consumer credit, reported first quarter profits fell 50%, reports the Wall Street Journal. CEO Jamie Dimon warned the outlook for the remainder of 2008 was likely as grim. Morgan—the 3rd-largest US bank—said profits dropped to $2.37 billion, or 68 cents a share, down from $4.79 billion, or $1.34 a year earlier.

Source Wall Street Journal

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The Bear Stearns headquarters, bottom, and the JP Morgan headquarters, top, are shown on Monday, March 24, 2008 in New York.   (AP Photo/Mark Lennihan)
The lobby of JPMorgan Chase in New York.   (AP Photo/Mark Lennihan)
JP Morgan Chairman and Chief Executive Officer Jamie Dimon, left,and Bear Stearns President and Chief Executive Officer Alan Schwartz, testify on Capitol Hill.   (AP Photo/Lawrence Jackson)
JP Morgan Chairman and Chief Executive Officer Jamie Dimon testifies on Capitol Hill in Washington, Thursday, April 3, 2008.   (AP Photo/Lawrence Jackson)
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subprime crisis • JPMorgan Chase • earnings reports • corporate earnings • writedowns • consumer credit • James Dimon


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