J.P. Morgan net falls sharply, but tops Wall Street view – MarketWatch
JPM said Thursday that a $1.1 billion benefit from merger-related items helped the firm post a $702 million, or 7 cents a share, fourth-quarter profit, compared to a profit of $3 billion, or 86 cents a share, in the year -ago period
J.P. Morgan net falls sharply, but tops Wall Street view – MarketWatch.
Tom here with a couple of thoughts:
- JP Morgan Chase made money in the 4th Quarter! Yeah!
- They took a $1.1 Billion benefit – I believe that it was a tax benefit for their acquistion/merger with Washington Mutual. It was not “normal” operating income.
- If they hadn’t had that merger benefit, they would have lost $298 million.
That’s still light years ahead of what Deutsche Bank is expecting ($6.4 Billion in losses) but it’s a far cry from the $3 Billion that they made last year.
