The investment bank of JP Morgan Chase slumped to its first quarterly net loss in more than four years in the first three months of this year after writing down $2.6bn (â¬1.6bn) of mortgage-related, leveraged lending and collateralized debt positions.
Group net profits halved to $2.4bn compared with last yearâs first quarter, but JP Morgan beat analyst expectations by turning in a $0.68 net income per common share result, as net revenues slipped 9% to $17.9bn.
