JPMorgan earns $3.6 billion in 3rd quarter, but warns loan losses to remain elevated

The Associated Press ~ staff The News
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NEW YORK - JPMorgan Chase, the first of the big banks to report third-quarter earnings, says its loan losses are still high and are expected to remain that way for the foreseeable future, a troubling sign for the economy.
While JPMorgan has reported a $3.59 billion profit Wednesday, it also says it nearly doubled the amount of money it set aside for failed loans in the quarter.
The bank says continued weakness in the housing market pushed defaults of home equity loans and mortgages higher.
In its earnings statement, the bank also describes the near-term path of the economy as uncertain.
Big profits in divisions such as investment banking helped the New York-based bank earn 82 cents per share during the third quarter. Analysts forecast a profit of 49 cents per share.

Organizations: JPMorgan Chase

Geographic location: NEW YORK

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