JPMorgan posted quarterly earnings of $4.3 billion, or $1.02 per share, down from $4.4 billion, or $1.01 per share, in the same quarter last year.
The results were muddied by adjustments for the market value of the bank's debt, which gave it a $1.9 billion pre-tax gain.
Despite the weak environment in investment banking, JPMorgan bought back $4.4 billion of stock during the quarter, and its diluted outstanding shares fell about 3 percent.
JPMorgan Chief Executive Jamie Dimon said the company is cutting 1,000 jobs in its investment bank. Banks globally are laying off staff in the wake of weak stock and corporate credit markets.
The above are all quotes By David Henry | Reuters on Oct 13, 2011.
So lets get this straight, JP Morgan can spend $4.4 Billion propping up company shares for shareholders and executive fat cats but screw the 1000 employees. You know they are not getting rid of the highly paid ones. These are all the people who are actually doing the work probably making $100,000 or less. Now they will have lots of extra cash to give more fat bonuses to morons who already take home fat paychecks. Is it any wonder that America hates Wall Street? The executives in charge think only about themselves and how many stock options they are going to get. Not whether they could spend some of this huge warchest they have laying around adding employees and boosting the economy. Or maybe do something original with it and forgive a certain amount of debt on peoples houses to help them stay in it. But no they'd rather just foreclose and take a bigger hit to their books.
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