Well, JP Morgan Chase proved that the firm has more in common with Morgan Stanley than just part of a name. Both firms have enjoyed better third quarters.
JP Morgan's last quarter profits came in 13% off at $1.4bn. President and CEO-in-waiting Jamie Dimon said 'they're terrible results...We don't feel good about them'. Steady on, Jamie. They're not THAT bad. But, of course, they are dwarfed by Citigroup's massive $5.31bn last quarter earnings - and that's the measuring stick over at JP Morgan these days. Citigroup wasn't built in a day, old chap, and neither will JP Morgan Chase.
And the investment bank got it in the neck this time around. Profit dropped 10% to $627m as revenue fell 3%. Fixed-income trading appears to have been a main culprit as revenue fell 44% to $657m. Dimon said that 'obviously we were on the wrong side of a few markets'. Chairman and CEO William Harrison (remember him ? - he's Jamie's boss) also stuck the knife in. He said that the operating results were 'below expectations, primarily due to weak trading results in the investment bank'.
Never mind, at least the asset and private banking businesses are doing well. Following the Bank One merger, profits more than doubled to $197m for the period.