Chasing, and making, a $3.6 billion profit
The first to report results in the big-bank reporting season, JP Morgan Chase reported strong performance on Wednesday. It made a profit of $3.6 billion on $28.8 billion in revenue. The largest US bank by assets, JP Morgan stayed largely away from the sub-prime business that destroyed Lehman Brothers and almost brought the global economy to a halt. JP Morgan was the first to repay the $25 billion loan they received from the government and CEO Jamie Dimon, one of the most powerful men in the US, steered the ship remarkably well. Not all is rosy, though: the bank had to double its provision for home loan and credit card losses to almost $9 billion and Dimon sees the trend increasing still.