Jamie Dimon
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JPMorgan Writes Down $1.3 Billion
Jan 16, 2008JPMorgan Chase & Co. said Wednesday morning before market open that net income dropped 34 percent from year-ago levels to $3.0 billion in the fourth quarter, down from $4.5 billion in Q4 2006. Bloomberg reported that earnings missed analyst expectations. Driving the drop in earnings was a $1.3 billion write down on the Wall Street bank’s subprime positions, including CDOs.
