JPMorgan, BoNY Mellon, TD and BlackRock

JPMorgan Chase & Co. reported that its second-quarter earnings were 53% below last year’s levels.
JUL 17, 2008
By  Bloomberg
JPMorgan Chase & Co. of New York said today that its second-quarter earnings were 53% below last year’s levels, while Bank of New York Mellon said its net income declined 32%. TD Ameritrade and BlackRock announced higher earnings. JPMorgan reported net income of $2 billion, or $0.55 per share, down from $4.2 billion, or $1.27 per share, for the same period last year. The banking giant blamed the earnings decline on downturns in its investment banking, credit card and home loan businesses, according to a statement. JPMorgan also added $1.3 billion to its credit-loss allowances. Bank of New York Mellon said its second quarter earnings slid to $302 million, or $0.26 per share, from $448 million, or $0.65 per share, a year ago. It cited the “very challenging” environment in the financial services sector for its lower profitability. TD Ameritrade of Omaha bucked the slump. Its second-quarter net income rose 29% to $204.4 million, or 34 cents a share, from $158.7 million, or 26 cents a share, in the year-ago period. CEO Joe Moglia credited the firm’s asset-gathering strategy and “growing platform of easy-to-use investment tools” for the earnings growth. BlackRock Inc. of New York said its second-quarter net income climbed 23% to $274 million, or $2.05 a share, from $222.2 million, or $1.69 a share, in the 2007 period. A statement from Laurence D. Fink, the company’s chairman and CEO, credited “exceptional growth” in its BlackRock Solutions consulting business, and “sustained operating and financial discipline.”

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