In other news today...JPMorgan's Profit Falls 10% But Beats Expectations

[PBS Poll-435]

JPMorgan's Profit Falls 10% But Beats Expectations

By Matthias Rieker
Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--JPMorgan Chase & Co. (JPM), bracing itself for more loan losses driven by the recession, delivered surprisingly strong first quarter results on Thursday.

Carried mainly by a recovery in securities trading that lifted JPMorgan Chase's investment banking revenue to a record, the bank said it's strong enough to pay back the U.S. Treasury Department even as it had to set more money aside for rising delinquencies and loan losses. Bond trading took away much of the pain from the recession.

JPMorgan Chase's profit for the quarter fell 10% from a year earlier, to $2.1 billion, but revenue jumped 48%, to $25.03 billion. The bank's shares rose about 1% in recent trading, to just almost $33.

{Jamie} Dimon {Chairman & CEO, JPMorgan Chase & Company} said TARP was good for the banking system, but the money has become "a scarlet letter." And unlike investment bank Goldman, Dimon said JPMorgan Chase doesn't plan to raise capital. Unless forced to do so by the government, "I don't see why we need to raise money," he said. The bank awaits guidance about TARP repayment from the government.

[Clio the Leo]

1. And was I the only one who noticed that unemployment claims went down....

... for the second straight week.

Of course it IS hard to read the news when...



:)

[PBS Poll-435]

2. Teabags, Cucumbers

Either will work...

:-)


And a good pick-up on the unemployment #s.

[DrToast]

3. Damn skippy, Clio

It may be too early to say this, but things are starting to look like there's a chance people have been TOO bearish on the economy. I don't want to get ahead of myself, but some of the recent economic data has looked much better than expected.

People aren't just wrong on the way up. It is possible they're overstating the length of the downturn.

[PBS Poll-435]

4. kick?

I don't even know anymore

[PBS Poll-435]

5. I thought they were mindless ZomBie banks?

I guess not so much.

[PBS Poll-435]

6. Why not...

:kick: