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JPMorgan Chase (JPM Quote) shrugged off the summer's credit crunch to post better-than-expected third-quarter earnings.
The New York-based bank made $3.4 billion, or 97 cents a share, for the quarter ended Sept. 30, up from the year-ago $3.3 billion, or 92 cents a share. Analysts surveyed by Thomson Financial were looking for a 90-cent profit.
JPMorgan said it took markdowns in the latest quarter of $1.3 billion on leveraged lending funded and unfunded commitments and weaker trading performance.
Retail financial services revenue rose 18% from a year ago, though net income in the segment dropped 14% as the bank took a $306 million increase in home equity loan reserves. ...
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