JP Morgan (JPM) Hits A Slump
JP Morgan (JPM) took some big write-offs which dropped its profits well below the same quarter last year. The bank 2008 first-quarter net income of $2.4 billion, compared with record net income of $4.8 billion in the first quarter of…
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JP Morgan (JPM) took some big write-offs which dropped its profits well below the same quarter last year.
The bank 2008 first-quarter net income of $2.4 billion, compared with record net income of $4.8 billion in the first quarter of 2007. Earnings per share of $0.68 were down 49%, compared with record earnings per share of $1.34 in the first quarter of 2007.
James Dimon, CEO, said "We also added $2.5 billion to our allowance for credit losses (which now totals $12.6 billion), and maintained a strong 8.3% Tier 1 capital ratio.”
The company’s shares were up slightly in the pre-market
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McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.