More Bank profit

chucky

some more good news to share...

US bank JPMorgan Chase has reported a £1.4bn net profit - and immediately vowed to pay back bail-out cash to the taxpayer.

Bank says it generated record firmwide revenue of £18bn in the quarter

The news comes just days after Goldman Sachs cheered financial markets across the world with its announcement of a £1.2bn profit.

The JPMorgan profit was 13% lower than last year's £1.6bn, but still better than expected.

http://news.sky.com/skynews/Home/Business/JPMorgan-Chase-Profits-Company-Reports-14Bn-Profits-Amid-US-Bank-Turnaround/Article/200904315262988?lpos=Business_First_Home_Article_Teaser_Region_2&lid=ARTICLE_15262988_JPMorgan_Chase_Profits%3A_Company_Reports_%3F1.4Bn_Profits_Amid_US_Bank_Turnaround

StevieJ

Thanks Chucky, good news welcome.

stonethrower

Not surprised get billions of taxpayers money at very low interest rates and lend it back to the tax payer at a much higher rate doesn't take a genius to make money that way

Cannon_Fodder

Still some sticky patches to be worked through...

http://news.bbc.co.uk/1/hi/business/7998562.stm
Fortis Bank has seen a 20.6bn-euro ($27.5bn; £18.5bn) loss for 2008 following write-downs on debt and the division of the business.

http://news.bbc.co.uk/1/hi/business/7999352.stm

Switzerland's biggest bank, UBS, has said it will seek to cut costs by shedding 8,700 jobs by next year. The news came as the bank announced it had lost about 2bn Swiss francs ($1.75bn; £1.2bn) in the first three months of 2009.

chucky

stonethrower wrote: »

Not surprised get billions of taxpayers money at very low interest rates and lend it back to the tax payer at a much higher rate doesn't take a genius to make money that way

which very low interest rate was that?

Generali

chucky wrote: »

which very low interest rate was that?

IIRC, the average 'base rate' since the BoE was formed in the C17th was 5%.

Interest rates are at historic lows right now.

chucky

Generali wrote: »

IIRC, the average 'base rate' since the BoE was formed in the C17th was 5%.

Interest rates are at historic lows right now.

thanks - but i thought the question was that the bank bail outs were at low interest rates, see the post from Stonethrower

stonethrower wrote: »

Not surprised get billions of taxpayers money at very low interest rates and lend it back to the tax payer at a much higher rate doesn't take a genius to make money that way

ad9898_3

chucky wrote: »

some more good news to share...



http://news.sky.com/skynews/Home/Business/JPMorgan-Chase-Profits-Company-Reports-14Bn-Profits-Amid-US-Bank-Turnaround/Article/200904315262988?lpos=Business_First_Home_Article_Teaser_Region_2&lid=ARTICLE_15262988_JPMorgan_Chase_Profits%3A_Company_Reports_%3F1.4Bn_Profits_Amid_US_Bank_Turnaround

Isn't this expected at the moment, 'the eye of the storm' if you like. This graph is from Jan 2007, but if you look along to April 2009, we are in the dip.

purch

At least the credit crunch has taught us one thing.

An ARM is not just the thing attached to your shoulder.

The olde Intergoogle is a wonderful thing !!!

StevieJ

ad9898 wrote: »

Isn't this expected at the moment, 'the eye of the storm' if you like. This graph is from Jan 2007, but if you look along to April 2009, we are in the dip.

In 2007 the expectation was for resets at much higher rates not lower.

ad9898_3

StevieJ wrote: »

In 2007 the expectation was for resets at much higher rates not lower.

Aren't the rates expected to be high though, as the mortgages are likely to be higher now than the assets they are secured upon, in a lot of cases, especially the Alt-A stuff.