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JPMorgan Tops Third-Quarter Estimates
JPMorgan Chase (JPM Quote) reported third-quarter net income of $527 million, or 11 cents a share, above analysts' forecasts, compared with year-earlier earnings of $3.4 billion, or 97 cents a share.
The latest quarter includes an after-tax charge of $1.2 billion to conform loan loss reserves and an extraordinary gain of $581 million from the acquisition of Washington Mutual's banking operations, which closed on Sept. 25.
"Our third-quarter financial results declined sharply, driven by markdowns on mortgage trading positions and leveraged loans, and higher credit costs due to continued deterioration in our home-lending portfolio," said Jamie Dimon, chairman and CEO in a statement Wednesday. ...
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