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Bulletin: JPMorgan Chase & Co. Ratings Unaffected By Strong Second-Quarter Results Jul 10
Standard & Poors, July 2010
Abstract
NEW YORK (Standard & Poor's) July 15, 2010--Standard & Poor's Ratings Services said today that its ratings on JPMorgan Chase & Co. (JPM; A+/Negative/A-1) are not affected by the company's generally strong second-quarter results: JPM generated $7.7 billion of Standard & Poor's adjusted pretax earnings, up from $6.8 billion of adjusted pretax earnings in the previous quarter. Because of improving credit trends, primarily in its credit card business, JPM released $2.3 billion of reserves. JPM's revenue declined by 9.2% on a sequential basis, largely because of lower fixed-income trading revenue, reflecting both seasonal factors and uncertainty in the markets. JPM's retail financial services business returned to profitability (a pretax profit of $1.8 billion) due to significantly lower provision expenses (down...
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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