By MADLEN READ, AP Business Writer 1 hour, 4 minutes ago NEW YORK - JPMorgan Chase & Co.'s profit tumbled 84 percent in the third quarter after it took big hits from souring mortgage investments, leveraged loans and home loans.Profit at the New York-based bank, considered one of the stronger players in the current financial meltdown, came in better than Wall Street anticipated. But the deterioration seen in all types of loans from home equity loans to prime mortgages to credit cards bodes badly for a banking industry that is requiring unprecedented investment from the federal government.
CEO Jamie Dimon said during a conference call that he expects market conditions to improve from its heightened turbulence after recent moves by the government, and that JPMorgan is still offering loans. But the bank, like others, is lending at more old-fashioned, disciplined standards in anticipation of an even weaker economy and accelerating loan losses.
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