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News Tag: JP Morgan Chase

October 17, 2011

US banks announce third quarter earnings

by Kay Mitchell
US banking giant Citigroup has today reported a rise in its third quarter profit. Citigroup, which is the third largest bank in the US by assets, said third quarter profit came in at $3.77 billion, or $1.23 a share, compared with $2.17 billion, or 72 cents a share, in the same quarter a year earlier. The bank, which received two Government bailouts in ...

July 14, 2011

JP Morgan profits up 13%

by Kay Mitchell
The US banking reporting season has got off to a good start today after JP Morgan reported a 13% increase in profits to $5.4 billion (£3.3 billion) – exceeding analysts’ expectations. Furthermore, revenues were 7% higher in the three months to the end of June at $27.4 billion. The good performance comes despite losses from bad mortgage debt. Meanwhile, net profits at its investment bank ...

July 15, 2010

JP Morgan Chase profits exceeds expectations

by Kay Mitchell
JP Morgan Chase profits exceeds expectations
Wall Street banking giant JPMorgan has kicked off the banking reporting season today with better-than-expected second quarter profits - due to better credit conditions. The bank reported net income of $4.8 billion (£3.1 billion) - a 75% increase on the $2.7 billion reported in the same period a year ago. Today’s figures from JP Morgan will no doubt raise hopes that other lenders ...

April 20, 2009

Bank of America Q1 profits beat expectations

by Kay Mitchell
The run of good luck is continuing among US banks as Bank of America is the latest to exceed analysts expectations after it made a net profit of $4.24 billion for the three months ending 31 March - almost triple that of a year ago of $1.21 billion. The bank, which is the largest in the US by assets, said revenues ...

December 2, 2008

JP Morgan Chase and Credit Suisse announce job losses

by Kay Mitchell
The FTSE 100 in London has lost ground today after the announcement that JP Morgan Chase is to axe over 9,000 jobs at the former Washington Mutual (WaMu). WaMu was closed at the end of September making it the largest failure of a US bank. Its assets were sold to banking giant, JPMorgan Chase, for $1.9 billion (£1.3 billion). JPMorgan ...

September 26, 2008

Washington Mutual closed by regulators

by Kay Mitchell
Washington Mutual (WaMu) has been closed making it the largest failure of a US bank. WaMu’s assets have been sold to banking giant, JPMorgan Chase, for $1.9bn (£1 billion). WaMu was closed by the Federal Office of Thrift Supervision (OTS), and the Federal Deposit Insurance Corp (FDIC) has been appointed receiver. $16.7 billion of deposits had been withdrawn in the last 10 ...

July 17, 2008

JP Morgan Chase hit by write-downs

by Kay Mitchell
Investment banking giant, JP Morgan Chase, revealed that second-quarter profits fell 52% as it suffered a £550 million ($1.1 billion) loss on mortgage-related write-downs. Net income at the third-largest US bank fell to $2 billion compared with $4.23 billion a year earlier. Revenue fell by 3% to $18.4 billion, above analysts expectations of $16.6 billion in turnover for the second quarter. So ...

May 30, 2008

Bear Stearns shareholders approve sale to JP Morgan Chase

by Kay Mitchell
US banking giant, Bear Stearns is no more as its shareholders have approved the $2.2 billion sale to rival JP Morgan Chase. A meeting took place earlier this week at Bear’s headquarters in New York where investors backed the $10-a-share bid. The original offer of $2 a share infuriated some Bear Stearns shareholders who said the bank was ...