Greenly
01-15-2010, 09:40 PM
Banking giant JP Morgan Chase reported on Friday a big jump in net profit to 3.27 billion dollars in the fourth quarter of 2009, highlighting renewed health in the troubled sector.
The New York-based financial giant doubled its profits for the full year to 11.7 billion dollars, and quadrupled the numbers put up in the fourth quarter of 2008.
The results highlight a return to health in the banking sector after a year of crisis, but were expected to fuel public resentment over hefty profits and compensation of firms bailed out by the government and at a time when much of the US economy continues to struggle and unemployment remains high.
Chairman and chief executive Jamie Dimon said he was "gratified" by the results but said they "fell short of both an adequate return on capital and the firm's earnings potential."
http://rawstory.com/news/afp/JP_Morgan_reports_big_jump_in_profi_01152010.html
The New York-based financial giant doubled its profits for the full year to 11.7 billion dollars, and quadrupled the numbers put up in the fourth quarter of 2008.
The results highlight a return to health in the banking sector after a year of crisis, but were expected to fuel public resentment over hefty profits and compensation of firms bailed out by the government and at a time when much of the US economy continues to struggle and unemployment remains high.
Chairman and chief executive Jamie Dimon said he was "gratified" by the results but said they "fell short of both an adequate return on capital and the firm's earnings potential."
http://rawstory.com/news/afp/JP_Morgan_reports_big_jump_in_profi_01152010.html