JPMorgan Q1 Profits Plunge 50% on $5.1B Writedowns

Blames credit markets, slowing economy
By Jim O'Neill,  Newser User
Posted Apr 16, 2008 7:18 AM CDT
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)
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(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.