JPMorgan profit declines by 76%
China Daily | Updated: 2009-01-16 07:46
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A pedestrian passes a JPMorgan Chase & Co office on Park Avenue in New York. Bloomberg News |
JPMorgan Chase & Co, the second-largest US bank by assets, said profit fell 76 percent as rising defaults and the US recession forced the bank to write down $2.9 billion of assets and boost reserves for bad loans.
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