“I would do anything to get it done today,” Jamie Dimon, JPMorgan’s chief executive, said of the settlement talks on a conference call Thursday.
“Honestly, I would get in an airplane, fly down there, and get it done today if I could,” he said of the talks on another conference call. “It would be good for the United States of America to finish this stuff and move on.”
“This overhang of issues and foreclosures and processes and procedures and litigation is not a good thing for the health of the economy.”
JPMorgan Chase Profit Jumps Despite Continued Mortgage Woes
NEW YORK — JPMorgan Chase, the second-largest U.S. bank by assets, reported a 13 percent jump in profits, to $5.4 billion, as lending continued to slide, fewer borrowers fell behind on their payments and problems with its mortgage practices again dampened earnings.
The lender’s overall revenues were up 7 percent to $26.8 billion, thanks to increased fees from its various units, offsetting declining interest income from lending to borrowers. Its profit was also boosted by a release of $1.2 billion in reserves back into income, helping it to beat analysts’ estimates.
The bank set aside less cash to cover potential losses on soured loans, further boosting earnings and indicting that the lender believes the number of delinquent borrowers will continue to dwindle as the slumping economy slowly improves. The company set aside $1.8 billion to cover credit losses, a 46 percent decrease from the same period last year, its earnings documents show.
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