J.P. Morgan Chase's profit off 53%, tops target

J.P. Morgan Chase, the nation's third largest bank by assets, said Thursday second-quarter net income fell 53% as the credit crisis continued to bite, driving markdowns on mortgage positions and leveraged loans higher, and as the company took more than $500 million in costs for its Bear Stearns acquisition.

The company, part of the Dow Jones Industrial Average, topped Wall Street expectations, though, and its write-offs and provisions were smaller in scale than those reported by some major rivals and anticipated from others.

Headed by CEO Jamie Dimon, J.P. Morgan Chase is widely seen as one of the healthiest of the nation's top banks.

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- Posted: 2008-07-17 08:14:35

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