NEW YORK (AP) - JPMorgan Chase says its first-quarter profit
fell 50 percent, but it managed to exceed Wall Street forecasts.
Given the concern about the fragility in the financial markets, the
news has pleased investors.
The New York-based bank, which recently bought the collapsing
investment bank Bear Stearns, reported earnings of nearly 2.4
billion dollars, or 68 cents per share.
The results surpassed analyst estimates by 4 cents a share.
CEO Jamie Dimon said in a statement that the bank expects the
economy to stay weak and the credit markets to remain under stress.
JPMorgan shares rose in reaction to the news, up more than 3
percent in morning trading.