Author: 123jump.com Staff
123jump.com
Last Update: 4:36 PM EDT April 16 2008

JP Morgan reported net income declined to $2.4 billion or 68 cents per share compared to $4.8 billion or $1.34 a share a year ago. Sharp losses in mortgage securities, home equity loans and leveraged loans affected the earnings. In the quarter, the bank took $2.5 billion charge of which $1.1 billion is related to home equity loans. The bank also received $1.5 billion in the stake sale of credit card processor Visa through initial public offering.