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The Swarm Lounge
General Investing and Economics Discussion - No Politics
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<blockquote data-quote="Deleted member 2897" data-source="post: 709681"><p>I just read JPM Morgan's press release. Earnings went from $4.2 Billion to $0.2 Billion, a decrease of 95%. Only the last couple weeks of the quarter could have impacted their business. Reading through their various business units, they have taken huge write-downs. If I'm reading it correctly, they decided to build reserves for losses equal to half the entire commercial banking and credit card businesses. In other words, again if I'm reading this correctly, they're expecting to have payment defaults on half of that entire business portfolio.</p></blockquote><p></p>
[QUOTE="Deleted member 2897, post: 709681"] I just read JPM Morgan's press release. Earnings went from $4.2 Billion to $0.2 Billion, a decrease of 95%. Only the last couple weeks of the quarter could have impacted their business. Reading through their various business units, they have taken huge write-downs. If I'm reading it correctly, they decided to build reserves for losses equal to half the entire commercial banking and credit card businesses. In other words, again if I'm reading this correctly, they're expecting to have payment defaults on half of that entire business portfolio. [/QUOTE]
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