JPMorgan Posts Strong Profit as Crisis Fades By BEN PROTESS and ERIC DASH
Hello..... see that little sentence in red up there? Must be true because the article goes on to state that
JP Morgan kicked off the banking industry’s earnings season on Friday with news that its profits surged 48 percent last year amid signs that consumers and businesses had slowly regained their balance in the aftermath of the financial crisis. The bank posted a $17.37 billion profit in 2010, up from $11.73 billion a year earlier, as losses on troubled loans eased. That strength held up in the fourth quarter, when JPMorgan handily beat Wall Street estimates with earnings up 47 percent, to $4.83 billion, or $1.12 a share, from $3.28 billion, or 74 cents a share, in the quarter a year earlier.
The solid results show how JPMorgan has emerged from the bailout era as one of the nation’s most powerful banks and seems poised to take further advantage of its position as the economy rebounds. Indeed, 2010 was the most profitable year in the history of JPMorgan, surpassing its earnings even at the height of the boom. Jamie Dimon, JPMorgan’s chairman and chief executive, offered what was perhaps his most upbeat assessment in three years, heralding signs of stability returning to the markets. “You are hopefully starting to see the foundation of a good recovery,” he said in a conference call with reportersAnd
Well were glad to see somebody is recovering. However, should you be living in a bubble let us bust it by demonstrating that this is BULLSHIT! From:
Workers in JPMorgan’s investment bank, on average, earned $369,000, compared with roughly $380,000 in 2009. Top producers, however, can still expect to collect multimillion-dollar bonus checks.