JP Morgan profits drop 69%

Monday 19 October 1998 23:02 BST

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US INVESTMENT bank JP Morgan & Co yesterday unveiled a 69 per cent fall in third-quarter operating profits to $122m from $396m in the year-earlier period. Including special gains, the company's EPS was 75 cents compared with average forecasts of 82 cents. "The quarter's results show the impact of market upheaval," said JP Morgan chairman Douglas Warner.

The company said revenue fell as a result of "market disruptions characterized by extreme volatility, widening of credit spreads, lower asset values, and withdrawals of investors from many markets." As a result, JP Morgan has continued to reduce emerging market credit exposures.

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