JP Morgan Chase and Wells Fargo defy odds

Oct. 15, 2008 at 5:42 PM
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NEW YORK, Oct. 15 (UPI) -- U.S. financial giants, JP Morgan Chase and Wells Fargo both beat expectations with stronger-than-expected third quarter performances, the companies said.

JP Morgan's net income of $527 million was down considerably from the $3.4 billion it posted in the third quarter of 2007, but its $0.11 earnings per share beat predictions of it losing $0.29 per share, the Financial Times reported Wednesday.

Wells Fargo posted third-quarter earnings of $1.64 billion, the Times reported.

"We feel well-positioned to handle the turbulent environment and, most importantly, to continue to invest in our businesses and serve our clients well," JP Morgan's Chairman and Chief Executive Officer Jamie Dimon said in a statement.

Dimon said it was "reasonable" to expect low earnings through the next few quarters due to the financial meltdown, the Times said.

Wells Fargo's Chief Financial Officer Howard Atkins pointed to the firm's "strong and profitable business growth, solid operating margins and a fortified balance sheet."

These factors "enabled us to take advantage of the unique opportunities available to us in the current environment," he said.

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