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Global capital markets will remain under considerable stress, the chief of America’s largest bank by market capitalisation warned last week.
Jamie Dimon, chairman and CEO of JPMorgan Chase, said his expectations were “for the economic environment to continue to be weak – and likely to get weaker – and for the capital markets to remain under stress”.
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The forecast came as the bank revealed its second quarter earnings for 2008 of US$2 billion (A$2.06 billion).
The earnings, though a better result than expected by economists, were down from 2007’s second quarter earnings of US$2.4 billion (A$2.47 billion). The drop, according to the bank, was a result of markdowns on leveraged loans and mortgage-related positions as well as further deterioration in the bank’s home lending portfolio.
Published: 21-07-08
