JP Morgan takes a dive by 35%

It seems that none of the banks are immune from the credit crisis, with more and more banks coming out and declaring their losses, well sort of. Today, we saw the JP Morgan declare a loss of 35% as a result of bad housing loans.

The mortgage issue seems to be like a ‘blob’ that just keeps on growing and growing, swallowing the healthy profits of many a bank and institutions alike. More and more people are defaulting on their mortgage payments and this is having a kind of a free for all effect on all the world economies alike. Most of the share markets are all exposed in one form or the other to whatever takes place at Wall Street and this week has clearly shown that.

The jitters in the market is going to go on for some time to come, as we can see from the indices all across Europe and Asia go into a tizzy as soon as the reports of the ‘Wall street shakedown’ reached them.

CEO Jamie Dimon attributed this dismal performance by JP Morgan to the worse than expected results in the home equity front. But at least they can take heart in the fact that their losses are not as bad as that of the Citigroup which is now currently looking at the Middle East for a healthy infusion of cash. 'Let us take heart that we do not have to beg as of yet, we still have the stuff’ must indeed be going through Jamie Dimon’s mind right now!

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