JPMorgan takes $1.3 billion writedown
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JPMorgan Chase & Co  said on Wednesday quarterly profit fell a worse-than-expected 24 percent as the No. 3 U.S. bank lost $1.3 billion on risky mortgages and set aside more money for rising losses on home-equity loans.
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Merrill Lynch also took a write-down of more than $14 billion as subprime mortgage woes took another bite out of its balance sheet.
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Countrywide Financial Corp , the largest U.S. mortgage lender, posted a $1.2 billion third-quarter loss on Friday, hurt by write-downs as the U.S. housing market deteriorated.
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After a $7.9 billion write-down, what's next for the financial powerhouse?
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J.P. Morgan Chase & Co. JPM.N posted  lower third-quarter earnings on Wednesday, missing analyst  expectations, as costs from its July merger with Bank One Corp.  and anemic fixed-income trading revenue hurt profits.
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J.P. Morgan Chase & Co. JPM.N, the  No. 2 U.S. bank, said  on Wednesday profit fell in the third  quarter, missing analyst expectations, as a result of costs  from its July merger with Bank One Corp. and lower fixed-income  revenues.
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JPMorgan Chase & Co. on Wednesday said its profit jumped 20 percent in the second quarter, as the nation's third-largest bank benefited from a surge in investment banking fees.
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J.P. Morgan Chase & Company, the nation's second-largest bank, surprised Wall Street today with a sharp drop in third-quarter earnings.
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Sprint Corp., the third-biggest US long-distance carrier, had a third-quarter loss of $1.91 billion on costs to write down the value of its telephone network as it shifts to reliance
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MCI Inc., the second-largest US long- distance telephone company, will write down its assets by $3.5 billion in the third quarter, reflecting their reduced value as calling prices tumble and demand declines.
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Sprint Corp. FON.N on Tuesday  reported a wider third-quarter loss due to a $3.5 billion  writedown in the value of its long-distance business.
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Driving the companyâs loss, which amounts to $31.85 a share, was a $5.21 billion write-down on its portfolio of credit derivatives.
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H&R Block Inc. , the nation&#39;s  largest tax preparer, on Wednesday said its decision to write  down the value of its Option One Mortgage unit, a subprime  lender that is up for sale, increased the company&#39;s  third-quarter net loss by $15.5 million.
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Morgan Stanley yesterday said third-quarter profit sank 17 percent, as the number two US investment bank was forced to write down nearly $1 billion worth of loans amid the summer's global credit crisis.
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JPMorgan Chase & Co. JPM.N, the No.  2 U.S. bank, said on Wednesday its fourth-quarter earnings fell  11 percent, hurt by charges related to its merger with Bank One  last year and falling investment bank results.
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JPMorgan Chase & Co  said on  Wednesday quarterly profit fell a worse-than-expected 24  percent as the No. 3 U.S. bank lost $1.3 billion on risky  mortgages and set aside more money for rising losses on  home-equity and auto loans.
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Net income at the bank fell to $1.69 billion in the third quarter, hurt by write-downs related to difficult credit market conditions.