Who are JP Morgan and Chase's competitors
The US bank JPMorgan Chase did not suffer as badly as feared in the spring from the global crisis in the financial markets. The profit of the third largest bank in the USA collapsed in the second quarter according to data from Thursday by more than half to two billion dollars or 54 cents per share.
Nevertheless, the result was far above the expectations of analysts, who had expected a profit per share of 44 cents. Investors reacted with relief: JPMorgan shares rose by almost six percent in pre-market trading.
The upheavals in the markets were clearly noticeable in JPMorgan's figures with depreciation of $ 1.1 billion. In addition, bank boss Jamie Dimon radiated anything but confidence about future developments.
"We expect the general economic situation to remain weak or even get worse," he said. The capital markets would continue to be under great pressure.
In contrast to other US banks, the bank that bought competitor Bear Stearns in May has so far survived the financial crisis without major wounds.
Citigroup, as the largest US institute, has had to put up with write-downs of around 45 billion dollars, a multiple of the burdens of JPMorgan Chase.
"JPMorgan is apparently far better positioned than some of its competitors in this tough market environment," said analyst Peter Boockvar of Miller Tabak & Co in New York. According to David Buik of BGC Partners in London, JPMorgan has significantly less exposure to subprime and mortgage securities than other houses.
The financial crisis hit the balance sheets of many US banks in the second quarter. The country's second largest investment bank, Morgan Stanley, could only avert a loss by selling assets.
Competitor Lehman Brothers showed a billion-dollar minus. Industry leader Goldman Sachs, on the other hand, earned only slightly less and thus exceeded all expectations. The experts are now looking forward to the quarterly results expected for Thursday from Merrill Lynch and Citigroup, which will publish its figures on Friday.
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