JPMorgan profit sinks as credit deteriorates
NEW YORK (AP) — JPMorgan Chase & Co.’s profit tumbled 84 percent in the third quarter after it took big hits from souring mortgage investments, leveraged loans and home loans.
Both banks reported sharp declines in profit as they took hits on investments and increased their credit reserves to prepare for troubles ahead.
But given the waning economy and the current shake-up in the markets, the credit problems did not come as a surprise to most analysts. While many remain cautious of the worsening economy, analysts generally viewed the results as positive.
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Posted by Carlos Sagastume on October 15, 2008. Filed under HUD Homes.
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