Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

JPMorgan Earns $3.6B, Despite Loan Losses

Market soars as investment profits give bank strong 3rd quarter

By the Associated Press

Posted Oct 14, 2009 9:02 AM CDT

(AP) – JPMorgan Chase reported strong third-quarter earnings today as its thriving investment banking business more than offset rising consumer loan losses that the bank warned would continue. The company, the first of the big banks to report, showed a $3.59 billion profit, or 82 cents per share. But it also roughly doubled the amount of money it set aside for failed home and credit card loans in the quarter, saying credit losses would remain high "for the foreseeable future."

Investors didn't seem troubled by the bank's dim credit outlook, sending its stock up $1.61 in early trading. The Dow was recently up 98 points, hovering just below 10,000, at 9961.

In this Oct. 10, 2008 file photo, a man walks into a JP Morgan Chase & Co. building in New York's financial district in New York. (AP Photo/Mark Lennihan, file)

In this March 17, 2008 file photo, an employee enters the lobby of JP Morgan Chase in New York. (AP Photo/Mark Lennihan, file)

James Dimon, Chairman and CEO of JP Morgan Chase & Co., USA, gestures as he speaks during a session at the World Economic Forum in Davos, Switzerland, Jan. 29, 2009. (AP Photo/Michel Euler)

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

More Newser Stories

Students Revolt Against Big Bank Recruiting

Protests spread across Ivy League campuses

(NEWSER) - Half of those surveyed in Harvard's class of 2010 went into finance or consulting; at the University of Pennsylvania, the figure was even higher—and some students are fed up with the "brain drain." Inspired in part by the Occupy movement, students have launched protests against recruiting by big banks, consulting firms, and hedge funds at top universities ranging from Princeton to Stanford, NPR reports. "You've got 20% to 30% of some of the top talent in this country going into a sector that is not necessarily contributing to economic and social productivity," says movement leader Teryn Norris. More»

SEC Letting Big Banks Skirt Fraud Penalties

'New York Times' analysis finds 350 instances of banks getting free passes

(NEWSER) - The Securities and Exchange Commission has repeatedly allowed Wall Street's biggest banks to avoid penalties specifically intended to punish and deter fraud, a New York Times analysis of SEC records reveals. Over the past decade, the SEC has on almost 350 occasions granted waivers exempting big financial companies from sanctions, allowing banks like Goldman Sachs and JP Morgan to continue to enjoy advantages, like protection from shareholder lawsuits, that are supposed to be reserved for the most dependable companies. More»

Chrysler Roars to $225M Profit

Finishes first profitable year since its bankruptcy

(NEWSER) - Call it a comeback if you want, because it looks like Chrysler is finally back on its feet. Detroit's smallest automaker posted a $225 million profit today to complete its first profitable year since its bankruptcy and bailout in 2009, the New York Times reports. The profit came on the back of $15.1 billion in revenues, up a whopping 41% from this time last year. More»

Stocks Jump 400+ on Trio of Good News

Central banks and China make moves, private-sector employment jumps

(NEWSER) - The market took a major jump at open on the announcement that six central banks were moving to make it easier for European banks to get dollars, with the Dow rising 322 points to 11,877, reports the Wall Street Journal . As of 9:55am, it was up 405 points. The S&P 500 and Nasdaq rose as well, 32 and 69 points, respectively. The central banks' announcement was just one part of a trio of good economic news items, reports the Journal. More»

Wall Street Bonuses to Plummet

Falling revenues behind expected 40% plunge

(NEWSER) - The latest news from Wall Street is likely to leave most ordinary Americans dry-eyed. Year-end bonuses for bankers and traders are expected to be down sharply this year, plunging up to 40% to their lowest level since the financial crisis, according to a closely watched industry forecast. A bond trader who is also a managing director at a top securities firm would have received a bonus of some $2.9 million last year, but will have to make do with $1.8 million this year, the Wall Street Journal reports. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

JPMorgan Earns $3.6B, Despite Loan Losses

Market soars as investment profits give bank strong 3rd quarter

OTHER STORIES ON OUR RADAR

stock market • Wall Street • earnings reports • corporate earnings • financial services • financial sector • JPMorgan Chase

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Students Revolt Against Big Bank Recruiting

Protests spread across Ivy League campuses

SEC Letting Big Banks Skirt Fraud Penalties

'New York Times' analysis finds 350 instances of banks getting free passes

Chrysler Roars to $225M Profit

Finishes first profitable year since its bankruptcy

Stocks Jump 400+ on Trio of Good News

Central banks and China make moves, private-sector employment jumps

Wall Street Bonuses to Plummet

Falling revenues behind expected 40% plunge

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?

JPMorgan Earns $3.6B, Despite Loan Losses

Market soars as investment profits give bank strong 3rd quarter

Bookmark & Share

OTHER STORIES ON OUR RADAR

stock market • Wall Street • earnings reports • corporate earnings • financial services • financial sector • JPMorgan Chase

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Students Revolt Against Big Bank Recruiting

Protests spread across Ivy League campuses

SEC Letting Big Banks Skirt Fraud Penalties

'New York Times' analysis finds 350 instances of banks getting free passes

Chrysler Roars to $225M Profit

Finishes first profitable year since its bankruptcy

Stocks Jump 400+ on Trio of Good News

Central banks and China make moves, private-sector employment jumps

Wall Street Bonuses to Plummet

Falling revenues behind expected 40% plunge

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?