Banking, finance, and taxes
JP Morgan (JPM) Balance Sheet Takes Another Haircut
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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
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