JPMorgan reports 3Q loss after hefty litigation charge, but adjusted earnings top expectations by Steve Rothwell, The Associated Press Posted Oct 11, 2013 6:37 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email NEW YORK, N.Y. – JPMorgan Chase, the biggest U.S. bank by assets, reported a rare quarterly loss after setting up a big reserve for legal expenses.The bank had to absorb a reserve for litigation expenses of $9.2 billion in the July-to-September period, pushing the lender to a loss of $380 million compared with a profit of $5.7 billion a year earlier.While JPMorgan emerged from the global financial crisis and the subsequent Great Recession as one of the strongest U.S. banks, it has been dogged by lawsuits in recent years.Last month, JPMorgan agreed to pay $920 million and admitted that it failed to oversee trading that led to a huge $6 billion loss last year — an episode known as the London Whale. The bank is also said to be discussing an $11 billion national settlement with the Department of Justice over mortgage-backed securities. The securities lost value after a bubble in the housing market burst and helped spur the financial crisis.The bank said it had a total of $23 billion in reserves to cover potential litigation costs, a figure it said it hasn’t disclosed before, including the $9.2 billion for the third quarter. JPMorgan CEO Jamie Dimon said that the amount reflected the “reality” the bank now faces but, speaking on a call with reporters, declined to give specifics on the legal costs it is anticipating.“It’s painful,” Dimon said on a call with reporters. “But what’s more important is the underlying performance of the company.”The bank posted a loss of 17 cents per share in the latest quarter, compared with net income of $1.40 per share a year earlier. Excluding charges, however, its adjusted earnings beat Wall Street expectations.Its shares edged up in early trading Friday, rising 45 cents, or 1 per cent, to $52.97Excluding the litigation expense, it earned $5.8 billion, or $1.42 a share, in the quarter. That beat analysts’ forecasts for earnings of the $1.19 a share, according to FactSet.The banks’ performance was bolstered by credit card sales and more deposits at its consumer banking unit. Net income at JPMorgan’s investment banking division rose as expenses fell, and it reduced its reserves for losses on loans.Overall bank revenue fell 8 per cent, to $23.9 billion, missing analysts’ estimate of $24.1 billion.
by The Associated Press Posted Aug 4, 2016 8:25 am MDT Last Updated Aug 4, 2016 at 11:40 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email This Thursday, May 26, 2016, photo shows a home for sale in Carlsbad, Calif. On Thursday, Aug. 4, Freddie Mac reports on the week’s average U.S. mortgage rates. (AP Photo/Lenny Ignelzi) Average US 30-year mortgage rate declines to 3.43 per cent WASHINGTON – Long-term U.S. mortgage rates declined this week after rising for three straight weeks, continuing to lure prospective homebuyers.Mortgage giant Freddie Mac said Thursday the average for the benchmark 30-year fixed-rate mortgage fell to 3.43 per cent from 3.48 per cent last week. The average rate is down sharply from 3.91 per cent a year ago.The 15-year fixed mortgage rate dipped to 2.74 per cent from 2.78 per cent last week.Record-low interest rates this year have helped spur home purchases and boost the housing market. The Federal Reserve has been holding its key short-term rate near zero since 2008, and a statement from the Fed last week after its latest policy meeting had led many economists to conclude that a strengthening economy would lead the central bank to resume raising rates as soon as September.But after a government report last Friday showed a surprisingly lacklustre economy in the second quarter, many economists said a September rate hike was now probably off the table. The Commerce Department data showed that gross domestic product — the broadest gauge of the economy — grew just 1.2 per cent in the April-June period.To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 per cent of the loan amount.The average fee for a 30-year mortgage remained at 0.5 point this week. The fee for a 15-year loan also was unchanged from last week at 0.5 point.Rates on adjustable five-year mortgages averaged 2.73 per cent, down from 2.78 per cent last week. The fee held at 0.5 point.
THE BODY OF a man in his 40s has been discovered at a house in Kilkenny.The discovery was made on Thursday evening but information about the death was only released this afternoon. Gardaí said they will not speak about the cause of death for “operational reasons”.The body was removed to Waterford Regional Hospital after the discovery at around 7pm on 7 March. A post mortem was carried out by Dr Khalid Jabbar, the Deputy State Pathologist.Gardaí in Kilkenny have appealed for anyone who was around Fatima Place between Wednesday and Thursday evening to contact the incident room at Kilkenny Garda station on 056 – 777 5000, the Garda Confidential Line on 1800 666 111 or any Garda station.