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Bulletin: JPMorgan Chase & Co. Ratings Unaffected By Fair Fourth-Quarter Results Jan 10
Standard & Poors, Jan 2010
Abstract
NEW YORK (Standard & Poor's) Jan. 15, 2010--Standard & Poor's Ratings Services said today its ratings on JPMorgan Chase & Co. (JPM) are not immediately affected by JPM's just-announced fair fourth-quarter earnings. JPM generated $3.9 billion of pretax earnings, down from a much stronger $5.9 billion in the prior quarter (adjusting for $840 million in fair-value losses resulting from tightening of JPM's credit spreads). Investment banking earnings ($2.8 billion pretax) were off substantially from the previous three quarters, reflecting the decline in fixed income trading revenues from unsustainably robust levels, and taking account of an abnormally low compensation ratio (11%) in the quarter. Its retail financial services business turned modestly unprofitable (with a pretax loss of $862 million) due to...
Companies mentioned in this report are: JPMorgan Chase & Co.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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