Jamie Dimon's JPMorgan Chase & Co. may say profit slid 10 percent in the third quarter, the biggest drop in more than two years, as Europe’s credit crisis and the U.S. debt- ceiling debate spoiled optimism for an economic recovery.
Tomorrow’s report from the New York-based bank will probably show earnings of $3.96 billion, according to the average estimate of 18 analysts surveyed by Bloomberg. That compares with $4.42 billion a year earlier and $5.43 billion in the three months ended June 30.
Jes Staley, CEO of JPMorgan’s investment bank, braced investors last month for a 30 percent drop in trading revenue from the second quarter, when the company generated $5.5 billion from that business. He said fees from investment banking would tumble almost 50 percent to $1 billion. About $2 trillion in corporate bond issues came to market in the first half before volume plummeted to about $550 billion in the third quarter, data compiled by Bloomberg show…..
Read more at http://www.businessweek.com/news/2011-10-12/jpmorgan-net-income-may-show-10-decline-on-investment-banking.html
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