JP Morgan (JPM) And Bank Of America (BAC): More Bad News

Banking, finance, and taxes

Published: November 9, 2007 4:24 pm

According to Bloomberg "JPMorgan Chase & Co., the third- largest U.S. bank, said it held $40.6 billion in leveraged loans and unfunded commitments as of Sept. 30 that are difficult to hedge and “further markdowns could result if market conditions worsen.”

Bloomberg also Bank of America Corp., the nation’s second-largest bank, said “significant dislocations” in the debt securities market will “adversely impact” fourth quarter results. The bank had $9.8 billion in collateralized debt obligations, mainly backed by subprime residential mortgages, the Charlotte, North Carolina-based company said in a regulatory filing today.

Douglas A. McIntyre

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