JP Morgan Chase beat Wall Street 4Q forecasts
10:10 AM EST, January 15, 2009
JPMorgan Chase & Co. beat the Wall Street profit forecast in its latest quarter, boosted by a $1.1 billion gain from merger-related transactions, the bank said today. Revenues fell short, however, of the average estimate.
The news triggered an uptick in pre-market trading for JPMorgan Chase - which entered the Central Florida market last year with its buyout of Washington Mutual.
It is now the region's fifth largest financial institution, by deposit market share, based on 2008 data.
The bank said it posted a profit of $702 million, or 7 cents a share, in the fourth quarter, compared with a $3 billion profit, or 86 cents a share, in fourth quarter 2007. Revenues dipped to $17.23 billion, from $17.38 billion in the year-ago quarter.
10:10 AM EST, January 15, 2009
JPMorgan Chase & Co. beat the Wall Street profit forecast in its latest quarter, boosted by a $1.1 billion gain from merger-related transactions, the bank said today. Revenues fell short, however, of the average estimate.
The news triggered an uptick in pre-market trading for JPMorgan Chase - which entered the Central Florida market last year with its buyout of Washington Mutual.
It is now the region's fifth largest financial institution, by deposit market share, based on 2008 data.
The bank said it posted a profit of $702 million, or 7 cents a share, in the fourth quarter, compared with a $3 billion profit, or 86 cents a share, in fourth quarter 2007. Revenues dipped to $17.23 billion, from $17.38 billion in the year-ago quarter.
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