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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Citigroup wrote off a colossal $18.1  billion on Tuesday and secured new capital as Merrill Lynch,  also seen heading for big losses due to the U.S. subprime  mortgage meltdown, announced a $6.6 billion shot in the arm.
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Merrill Lynch & Co Inc  reported $7.9 billion in net write-downs for the third quarter on Wednesday as shaky risk management and bad bets on subprime mortgages and collateralized debt obligations triggered the company's first quarterly loss in six years.
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J.P. Morgan Chase & Co. JPM.N said   on Wednesday profit fell in the third quarter, hurt by costs  related to its July merger with Bank One Corp.
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NEW YORK, October 20  - JP Morgan Chase &amp; Company (JPM.NYS) reported a 13% decline in its third-quarter profits, driven by high merger-related costs and sluggish trends in its fixed-income trading business.
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JPMorgan Chase & Co.  said on Wednesday it tripled the amount set aside for loan losses as even borrowers with good credit defaulted on home equity loans, hurting the bank's quarterly profit.
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- Capital Bank Corp  said it is writing down certain assets estimated to worth $2.6 million to $2.8 million.
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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.
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In yet another concrete sign of trouble in the commercial real estate market, Wachovia, the nationâs fourth-largest bank, announced on Tuesday that it would be taking write-downs of more than $1 billion for commercial loans for the second half of last year. That sum includes $488 million in previously disclosed write-downs for the third quarter.
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NOVEMBER 04, 2004 (IDG NEWS SERVICE) - MCI Inc. reported a $3.4 billion third-quarter loss today, due mainly to a write-off of the value of its assets, as the company&#39;s efforts to recover from bankruptcy were
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Freddie Mac (FRE.N: Quote, Profile, Research) on Monday said that it sold $3.0 billion of one-month reference bills due Nov. 2, 2004 at a stop-out rate, or lowest accepted
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Merrill Lynch & Co. Inc.'s  $1.3 billion bet on subprime lending hit a sour note on Monday, when the world's largest brokerage confirmed job cuts at its First Franklin Financial Corp. unit.
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Business & money: Biggest share falls since height of credit crunch after US bank's $18bn write-off and Rock uncertainty grows
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Chartered Semiconductor (CSMF.SI: Quote, Profile, Research) , the world&#39;s third-largest contract microchip maker, will receive a $653 million loan from US bank JP Morgan (JPM.
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Merrill Lynch & Co Inc  on  Thursday said it took a $14.1 billion writedown and adjustments  in the fourth quarter as bad subprime mortgage bets forced the  brokerage to sell pieces of the company to foreign investors to  raise capital.
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JPMorgan Chase &amp; Co. third quarter profits fell 13 percent, mainly because of weakness in trading operations and costs related to its merger with Bank One.
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MCI, the second-largest US long-distance telephone company, will write down assets by $3.5 billion in the third quarter, reflecting their reduced value as calling prices tumble and demand declines.