Wall Street Addict

JPMorgan Chase & Co. said Wednesday its fourth-quarter profit fell 34 percent after its exposure to subprime mortgages - though much smaller than at banking peers like Citigroup Inc. - devalued its portfolio by $1.3 billion.
CEO Jamie Dimon also attributed the profit decline at the nation's third-largest bank by market capitalization to worse-than-expected results in home equity loans.
Banks in the United States and around the world have been struggling with rising defaults on mortgages -- and now other loans, too, such as credit cards and auto loans. As banks have gotten more stringent in their lending practices, the economy has slowed, lifting the unemployment rate.

Labels: JPM, JPMorgan Chase and Co.