{"id":223,"date":"2008-07-17T15:46:03","date_gmt":"2008-07-17T15:46:03","guid":{"rendered":"http:\/\/www.the-finance-zone.co.uk\/?p=223"},"modified":"2008-07-17T15:46:03","modified_gmt":"2008-07-17T15:46:03","slug":"write-downs-hit-jp-morgan-profit","status":"publish","type":"post","link":"https:\/\/the-finance-zone.co.uk\/index.php\/2008\/07\/17\/write-downs-hit-jp-morgan-profit\/","title":{"rendered":"Write-downs hit JP Morgan profit"},"content":{"rendered":"<p class=\"first\" style=\"text-align: left;\"><strong><a href=\"http:\/\/www.the-finance-zone.co.uk\/wp-content\/uploads\/2008\/07\/jpmorgan.jpg\"><\/a>JP Morgan Chase, the third-largest US bank, saw its second-quarter profit fall 52%, as it suffered $1.1bn (\u00a3550m) in mortgage-related write-downs.<\/strong><\/p>\n<p><a href=\"http:\/\/www.the-finance-zone.co.uk\/wp-content\/uploads\/2008\/07\/jpmorgan.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-224 alignleft\" style=\"float: left;\" title=\"jpmorgan\" src=\"http:\/\/www.the-finance-zone.co.uk\/wp-content\/uploads\/2008\/07\/jpmorgan.jpg\" alt=\"\" width=\"226\" height=\"170\" \/><\/a>Net income at the investment bank fell to $2bn from $4.23bn a year earlier.<\/p>\n<p>The New York-based company, which bought struggling Bear Stearns in May, has survived the credit crunch better than its peers.<\/p>\n<p>Costs of the takeover also hit profits, which came in slightly stronger than analysts had expected. <!-- E SF --><\/p>\n<p>JP Morgan bought rival Bear Stearns following its near-collapse as clients lost confidence and withdrew funds.<\/p>\n<p>Bear Stearns got into trouble when other banks refused to lend it money because of fears that it had too much exposure to US mortgage debt.<\/p>\n<p>Before Thursday&#8217;s results, JP Morgan had posted more than $9bn in write-downs and losses related to the sub-prime crisis.<\/p>\n<p>But analyst David Buik of BGC Partners in London said: &#8220;JP Morgan has certainly got the best track record in the last year.<\/p>\n<p>&#8220;They seem to be less involved in sub-prime lending and mortgage-backed securities than any of their peers.&#8221; <!-- E BO --><\/p>\n","protected":false},"excerpt":{"rendered":"<p>JP Morgan Chase, the third-largest US bank, saw its second-quarter profit fall 52%, as it suffered $1.1bn (\u00a3550m) in mortgage-related<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[2,4,9],"tags":[],"class_list":["post-223","post","type-post","status-publish","format-standard","hentry","category-banking","category-business","category-companies"],"_links":{"self":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=223"}],"version-history":[{"count":0,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/223\/revisions"}],"wp:attachment":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}