J.P. Morgan Profit Falls on Bad Loans
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J.P. Morgan Chase & Co.’s third-quarter net income plunged 91% as the second-largest U.S. bank wrote off more loans to telecommunications and cable companies and lost money in investment banking.
Net income fell to $40 million, or 1 cent a share, from $449 million, or 22 cents, in the same period last year. J.P. Morgan’s division that underwrites and trades securities and makes corporate loans lost $256 million.
Chief Executive William Harrison plans to cut more than 2,000 investment banking jobs and scale back business in Asia and Latin America after failing to boost profit for seven of the last eight quarters.
J.P. Morgan shares fell 32 cents, or 1.7%, to $18.29 on the New York Stock Exchange.
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