REUTERS: JPMorgan Chase & Co's profit plunged by more than two-thirds in the first quarter as the largest U.S. bank put aside nearly US$7 billion in reserves to protect it from a wave of potential loan defaults in the months ahead.
JPMorgan's chief financial officer, Jennifer Piepszak, however, cautioned that the current credit reserve build was based on a modest economic recovery in the latter half of the year and that it could go up"meaningfully" if the economy worsens. Revenue at three of its four main businesses were down, although trading proved to be a bright spot in an otherwise dismal quarter.
The bank's net income fell to US$2.87 billion, or 78 cents per share, in the quarter ended March 31, compared with US$9.18 billion, or US$2.65 per share, a year earlier.
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