By Elinor Comlay 1 hour, 9 minutes ago NEW YORK (Reuters) - JPMorgan Chase & Co (JPM.N) said on Thursday that second-quarter profit fell more than 50 percent, hurt by $1.1 billion in write-downs at its investment bank, but the results beat expectations and its shares rose nearly 4 percent.The third-largest U.S. bank, which bought Bear Stearns Cos in May, had until now mostly sidestepped the credit crisis that has seen massive write-downs for Wall Street firms.
The $1.1 billion of write-downs were mainly for mortgages and leveraged-buyout loans. Competitors such as Citigroup (C.N) and Merrill Lynch (MER.N) have taken much larger write-downs in recent quarters.
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