J.P. Morgan Chase's Earnings Fall Short of Consensus - TheStreet

J.P. Morgan Chase

(JPM) - Get Report

said fourth-quarter operating profits fell because of various bad debt exposures.

The No. 2 U.S. bank said it earned 12 cents a share before items in the quarter, down from 37 cents a share ago and well short of the 35-cent analyst consensus. Including the items J.P. Morgan lost 18 cents a share.

The company said it was hurt by its exposure to

Enron

and Argentina and by losses in its private equity investments. Combined, Enron and Argentina cost the company some $800 million. The company also boosted its loan-loss reserve by $510 million.

The company said its exposures to Enron and Argentina were fully marked to market by the end of the quarter.