JPMorgan Chase & Co. reported strong third-quarter earnings today as its thriving investment banking business more than offset rising loan losses that the bank warned would continue for the near future. JPMorgan, the first of the big banks to report earnings for the July-September period, reported a $3.59 billion profit but also said it roughly doubled the amount of money it set aside for failed home and credit card loans in the quarter. The company said for the second straight quarter that there are some signs of stabilization in delinquencies among consumer loans that are only recently past due. But Chief Financial Officer Mike Cavanaugh said during a conference call with reporters that the bank “can’t at the moment be certain” that the trend will continue. JPMorgan’s loss provision to cover current and future home loan defaults jumped to $3.99 billion, while its provision for credit card losses surged to $4.97 billion.
Chase earns $3.6B, but loan losses remain high
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