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EARNINGS UPDATE: JPMorgan Chase & Co. Ratings Unaffected By Fair Third-Quarter Results Oct 11 Product Image

EARNINGS UPDATE: JPMorgan Chase & Co. Ratings Unaffected By Fair Third-Quarter Results Oct 11

  • Published: October 2011
  • Standard & Poors

FEATURED COMPANIES

Abstract
NEW YORK (Standard & Poor's) Oct. 13, 2011--Standard & Poor's Ratings Services today said its ratings on JPMorgan Chase & Co. (JPM; A+/Stable/A-1) are not affected by the company's third-quarter results, which were basically in line with our expectations given the current operating conditions. JPM generated $3.9 billion of Standard & Poor's adjusted pretax earnings, down from $6.4 billion in third-quarter 2010. Results include $0.54 billion of private equity loss and $1 billion of mortgage-related litigation expense but exclude a $1.9 billion gain resulting from the widening of JPM's credit spreads. JPM's revenue declined by 8.6% year over year, mostly because of weaker investment banking revenue, particularly Fixed Income, Currencies and Commodities (FICC) trading revenue, reflecting client concerns about the...

Companies mentioned in this report are:
- JPMorgan Chase & Co.

Action: General Comment

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- JPMorgan Chase & Co.

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