Banking, finance, and taxes
JP Morgan (JPM) Balance Sheet Takes Another Haircut
Published:
Last Updated:
Every month, Wall St. hopes that bank write-downs will slow or stop and every month matters seem to get worse.
It looks like July will turn out to be no exception as a deteriorating housing market and faltering credit environment continue to damage bank balance sheets.
According to the FT, In a regulatory filing, JPMorgan said since the beginning of July, trading conditions in the mortgage market “had substantially deteriorated . . . causing the company to incur losses” of $1.5bn, excluding hedges. Mortgage-backed securities continue to take victims.
Since JP Morgan is viewed as having one of the stronger balance sheets on Wall St., the news is a sign that July may have been a critical turning point for weaker financial firms.
Third quarter bank earning could be much worse than they were in Q2.
Douglas A. McIntyre
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
