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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

(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.

The Bear Stearns headquarters, bottom, and the JP Morgan headquarters, top, are shown on Monday, March 24, 2008 in New York.
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.
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.
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.
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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COMMENTS
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Morgan says it could take 10 years for markets to shake off subprime crisis
Reuters

Merrill could write down $8 billion more; earnings report tomorrow
Guardian (UK)

 
earnings reports • corporate earnings • writedowns • subprime crisis • JPMorgan Chase • consumer credit • Jamie Dimon

 
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