JP MORGAN: Q2 FY09 EARNINGS
By Michael Baron
Maybe the biggest event to take place during JPMorgan's second quarter was that the company managed to repay the government's $25 billion TARP investment in full on June 17. The move resulted in a charge of $1.1 billion, or 27 cents a share, against earnings but also scales back government oversight. Revenue from fees and the company's fixed income markets business drove the top-line growth in the second quarter. The only real down note for the company was it said it expects to continue to higher credit costs related to its consumer lending and credit services business.