J.P. Morgan Chase
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
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.