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JPMorgan Plunged its bank earnings
JPMorgan Plunged its bank earnings
     Written by John|Saturday, 14 January 2012 09:00

JPMorgan Chase & Co. kicked off bank earnings season with a 23% decline in profit and sagging revenue that investors saw as an ominous precedent for other big financial companies that report results next week. An increase in consumer credit card usage and an uptick in business lending couldn't offset weaknesses elsewhere at JPMorgan, Friday's report showed.

Investment banking, where revenue fell 30%, was particularly hard hit. The report landed at a rocky time for markets, with global uncertainties including the European debt crisis restraining major corporate expansions and takeovers. Standard & Poor's downgraded the debt of eight Eurozone countries Friday, stripping France and Austria of their prized AAA ratings.
Closer to home, major players in the mortgage business, like JPMorgan, continue to struggle with mountains of defaulted loans, foreclosed properties and demands that they repurchase flawed mortgages from government-controlled Fannie Mae and Freddie Mac as well as private investors.
Despite recent increases in commercial lending, JPMorgan officials say loan demand from solid businesses is spotty, leaving them with deposits overflowing — and open to accusations that they are too tightfisted after having been bailed out by the government.
Banks Cutting Costs!!

Bank of America-Merrill Lynch (BAC.N) is shedding a fifth of its investment banking managing directors in Asia this quarter, and is pooling some analysts and associates to respond to business that is critical.

JPMorgan's deposits rose 21% over the last year to $1.13 trillion. "Companies are flush with cash and their cash balances are growing," JPMorgan Chief Executive Jamie Dimon said during a call with bank analysts.
JPMorgan, the nation's biggest bank, reported net income of $3.7 billion, or 90 cents a share, for the fourth quarter of 2011, down from $4.8 billion, or $1.12, a year earlier. The profit was about as expected on Wall Street. But the bank's quarterly revenue fell to $21.5 billion from $26.1 billion a year earlier, coming in well below analysts' consensus forecast of $23 billion.
JPMorgan shares fell 93 cents, or 2.5%, to $35.92. Since JPMorgan is the largest bank as measured by assets, and regarded as one of the best managed banks, investors reassessed their holdings across the board. Many banks stocks fell 4% in early trading. At the end of the day, Morgan Stanley declined 3.2% to $16.63, Bank of America was down 2.7% at $6.61, Citigroup fell 2.7% to $30.74 and Goldman Sachs slid 2.2% to $98.96.
For more details of the plan visit:
http://www.latimes.com/business/la-fi-bank-earnings-20120114,0,5851053.story
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