JPMorgan Chase reports sharp fall in fourth quarter profit
WASHINGTON - JPMORGAN Chase & Co on Thursday reported fourth-quarter 2008 net profit of US$702 million (S$1.05 billion), down from US$3.0 billion in the fourth quarter of 2007.
Earnings per share were US$0.07, down from US$0.86 in the fourth quarter of 2007.
For the full year 2008, net profit was US$5.6 billion, or US$1.37 per share, down 64 per cent from US$15.4 billion, or US$4.38 per share, in 2007.
'Our fourth-quarter financial results were very disappointing, driven by a loss in investment banking largely attributable to continued markdowns on leveraged loans and mortgage trading positions, as well as weak trading results,' said JPMorgan Chase chairman and CEO Jamie Dimon. -- AFP
