JPMorgan Chase Earnings; Nationwide Mortgage Licensing System Comments; GMAC Declining Markets Update
Posted To: Pipeline Press
The FBI is investigating a possible cyber attack on Citigroup. This is a serious issue, because next time the hackers might target a bank that actually has money. (Just kidding!) But seriously folks, JPMorgan Chase & Co., the second-largest U.S. bank by assets, announced this morning that its fourth-quarter profit more than quadrupled . Net income increased to $3.28 billion. JPMorgan was the #1 underwriter of stocks and bonds in the US last year, and income from that more than helped offset loan losses in consumer banking and credit cards. And we all know the impact that they've had on mortgage lending. Jamie Dimon told investors last month that the credit-card unit could lose about $1 billion a quarter in the first half of 2010, since defaults typically track unemployment. But in yet…(read more)
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