JP Morgan Posts 4% Decline in Earnings for Q3

October 14 00:00 2011

NEW YORK, October 14 (RainbowNewsLine.com) – JPMorgan Chase & Company reported 4% decline in earnings for Q3 on Thursday, due to weak investment banking results and mortgage troubles.

Investors feel that if JPMorgan chase cannot do well in these markets, other banks will do even worse. Other major banks like Citigroup Inc., Bank of America Corp., Goldman Sachs Group Inc. and Morgan Stanley are all due to report their results next week. JP Morgan booked an income of $4.26 billion against $4.4 billion in the same period last year. JPMorgan shares  fell 5 percent on Thursday to $31.60.

Jamie Dimon, CEO of JPMorgan Chase said, “”It’s hard not to be cautious. I’d say that right now nobody, nobody knows what’s going to happen tomorrow,”

The bank had plans to build more than 250 branches this year. “It’s possible we won’t now … We’ll probably reduce a little,” Dimon said.

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