JPMORGAN STARTED IT at the very end of February. Mike Cavanagh, chief financial officer, told analysts that results for the first two months of the year had been “solidly profitable”, and roughly in line with his audience’s forecasts, which are for $40 billion in pre-provision pre-tax profit for the year.
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“We are profitable through the first two months of 2009 and are having our best quarter-to-date performance since the third quarter of 2007. In January and February alone, our revenues excluding externally disclosed marks were $19 billion” – Vikram Pandit, Citi |
It would, however, be preposterous to pretend that credit costs won’t eat into this.
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