J.P. Morgan 3Q Profit Slips 3.5% As Bank Touts Caution |
| Wall Street Journal - Oct 13, 2011 |
J.P. Morgan Chase & Co. (JPM) on Thursday reported a slight drop in third-quarter earnings because of expected weak investment banking operations and said it was being cautious on spending and planning going into the next year even amid some loan growth.
The nation's second-largest bank by assets is the first big bank to report results and is watched as a barometer. For those banks heavily driven by Wall Street operations, the forecast looks bleak and the bank's results showed in general it and its clients were unwilling to take much risk.
Investment banking fees plunged, though to a level J.P. Morgan's investment banking chief forecast last month, and the bank pulled back sharply from trading risk. Meanwhile, customers took out more loans but also continued to bank cash.
Chief Executive Jamie Dimon said on a conference call with analysts the bank will "trim the sails" in its investment bank and pull back on a loudly touted plan to expand branches.
Read Full Article from Wall Street Journal
- Posted: 2011-10-13 11:37:54
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