Freddie Mac

JP Morgan Feels Loan Losses: Profit Tumbles 84 Percent 

J.P. Morgan Chase & Co. [stock JPM][/stock] reported Wednesday an 84 percent plummet in third-quarter profit, largely due to $3.6 billion in mark-downs and $640 million in losses from its acquisition of Seattle-based thrift Washington Mutual. “Given the uncertainty in the capital markets, housing sector and economy overall, it is reasonable to expect reduced earnings for our firm over the next few quarters,” chief executive Jamie Dimon said in a press statement Wednesday morning. He may as well have been speaking for much of the financial sector.