Barclays Share Discussion Threads

[gb234] 13/10/2010 11:24

Bundled up mortgages were securitized and sold on to British banks bigman2.Anyway, I was just letting you all know that banking crisis number 2 is on its way.(I have no interested financially in banks, I own gold shares).

[isis] 13/10/2010 11:20

JPMorgan Chase's profit jumps 23 percent in 3Q
JPMorgan Chase's profit rises 23 percent as bank sets aside less money to cover wed losses



Email
Print
Companies:JPMorgan Chase & Co.
Topics:Earnings
On Wednesday October 13, 2010, 7:14 am
NEW YORK (AP) -- JPMorgan Chase says its third-quarter profit jumped 23 percent as the company was able to set aside less money to cover loan losses.

The New York bank earned $4.42 billion, or $1.01 per share. It earned $3.59 billion, or 82 cents, during the same quarter last year. Analysts forecast the bank would earn 90 cents per share.

JPMorgan Chase & Co. set aside $1.55 billion for retail credit losses during the quarter, less than half the $3.99 billion in loss reserves it recorded during the year-ago period.

Profit in the investment bank fell 33 percent as fees from underwriting stock offers slowed during the summer.

Shares are up 56 cents to $40.96 in pre-opening trading Wednesday.

[maximillian1] 13/10/2010 11:20

b1

What I am saying is that Barclays will fall like a stone..in line with the markets very soon. after the mid term elections, is my guess.
Until then I do expect...hope!! for a recovery from 279...

[b1gman2] 13/10/2010 11:12

gb234 - Barclays is bigger than a few US mortgages. How much will this affect them directly? if it gives us a wobble for all the bank stocks then buy into the weakness and wait until common sense prevails again.

Maximillian1 - why? Not sure what you are actually saying here? Barc will do well in choppy markets, choppy trading, choppy regulations, choppy global issues. I believe it has the ability to do well in troubled times. But then I would, I'm a long-term holder.

[isis] 13/10/2010 11:10

JPMorgan Chase Reports Third-Quarter 2010 Net Income of $4.4 Billion, or $1.01 Per Share, on Revenue1 of $24.3 Billion
Delivered solid business results, combined with reduced credit

costs:

Investment Bank reported solid earnings; #1 year-to-date

rankings for Global Investment Banking Fees and Global Debt,

Oct. 13, 2010 (Business Wire) -- JPMorgan Chase & Co. (NYSE: JPM) today reported third-quarter 2010 net income of $4.4 billion, an increase of 23% compared with $3.6 billion in the third quarter of 2009. Earnings per share were $1.01, compared with $0.82 in the third quarter of 2009.

Jamie Dimon, Chairman and Chief Executive Officer, commented: "Our third-quarter net income of $4.4 billion was the result of the good underlying performance of our businesses. The Investment Bank delivered solid earnings while maintaining its number one ranking in Global Investment Banking Fees. Retail Financial Services reported strong mortgage loan production. Card Services increased sales volume by 7% compared with the prior year, and positive credit trends assisted in delivering improved results. Commercial Banking reported record revenue, while Asset Management had strong net inflows of $38 billion this quarter."

Dimon added: "We are pleased to report a continued overall decline in credit costs, although our mortgage and credit card portfolios continued to bear very high net charge-offs. Our mortgage delinquency trends remained relatively flat compared with the prior quarter, and we expect mortgage credit losses to remain at these high levels for the next several quarters. If economic conditions worsen, mortgage credit losses could trend higher. With respect to our credit card portfolio, delinquencies and net charge-offs continued to improve, and we reduced loan loss reserves by $1.5 billion this quarter as estimated losses declined. We expect credit card net charge-offs to continue to improve next quarter."

Commenting on the Firm's balance sheet, Dimon said: "Our fortress balance sheet continued to strengthen, ending the quarter with a strong Tier 1 Common ratio of 9.5%. We believe that the quality of our balance sheet will position us well for the eventual implementation of new capital standards being developed by bank regulators. Our total firmwide credit reserves declined to $35.0 billion, resulting in a firmwide coverage ratio of 5.1% of total loans1."

Dimon further remarked: "We are firmly committed to doing all we can to support the ongoing economic recovery. We are providing capital, financing and liquidity to our clients in the U.S. and around the world. So far this year, we have loaned or raised capital for our clients of more than $1.0 trillion, and our small-business originations were up 37%. In addition, we are on track to hire over 10,000 people in the U.S. this year."

"Regarding regulatory reform, we will work with our regulators as they proceed with the extensive rulemaking required to implement financial reforms. We will continue to devote substantial resources to ensure regulatory reforms are implemented in a way that preserves the value we deliver to our clients."

Looking forward, Dimon concluded: "The Firm has excellent client franchises with leading positions in their respective markets, a strong balance sheet, and plenty of capital. With these fundamental strengths, we will continue to serve our clients and build our franchises for many years to come while providing good returns to our shareholders."

[maximillian1] 13/10/2010 11:00

Gentlemen ..The fat lady is about to sing the finale,we will be on stage for this...but when the curtain falls this will be her last finale for avery long time.... ..best get the hell out the auditorium after that..

[gb234] 13/10/2010 10:58

Anyone else heard of another banking crisis coming in from the US? Evidently foreclosures have stopped in many US states due to illegality.Bundled up mortgages with broken links in the mortgage notes have illegally been foreclosed.Senate and congress have tried to cover the banks and law firms involved but Obama cannot sign the cover-up into law without putting his own head on the block.The result is foreclosures have STOPPED in the US.Repossessed ex-owners now still own their old houses and new owners don't.Any mortgage holder can stop paying their mortgage and the banks cannot repossess/foreclose.Deep banking crisis coming soon.(See gold thread).

[airlie] 13/10/2010 10:52

roadwalker, jibba jabba - (Competition Entries)- a while to go yet though.

[miata] 13/10/2010 10:51

NH the rumour in the market today
NH is that they need to raise around £8bn
NH which will be Bob's big test

[miata] 13/10/2010 10:48

JC Amusing to see that Bank of Bob has been hit harder on this
NH very
NH they will need some more cash given some of the risk weighted assets they have
NH of course
NH Bank of Bob are terribly clever and won't use a plain vanilla rights issue
NH they will use some flashy mandatory convertible note flogged to investors on Mars

[roadwalker] 13/10/2010 10:29

Ken, just curious as to how the forecasts are looking for year end that everyone contributed. Would I be right in saying that Monty's leading the pack?

[sm8] 13/10/2010 10:27

b1gman2 - 380p by Jan 11...i hope so, but according to the charts anythinf above 350p is a long way off, but then again barc has a habit of spiking.

If barc closes above 290p today then that will indicate a hammer close, which could mean it has bottomed out from the recent decline. If it closes near its low of the day then i am afraid we might see sub 270p soon. dow futures are looking good so theres hope.

[b1gman2] 13/10/2010 10:20

sm8 & seccol - I agree - I'm predicting 3.80 by Jan 11.

[seccol] 13/10/2010 10:16

340 before christmas!!!!

[sm8] 13/10/2010 10:15

b1gman2 - i agree it is good to get in at these levels as i also beleive barc will jump to 320p very soon.

[sm8] 13/10/2010 10:09

The fallers board was led by Standard Chartered after a drop of 68.5p to 1840p, while the fundraising speculation meant Barclays dropped 7.65p to 287.1p, a fall of 3%. HSBC declined 0.5p to 662.7p.

[xamf] 13/10/2010 09:59

JP Morgan reporting at Midday.

[b1gman2] 13/10/2010 09:56

I believe is recovering, got in at 285-286. I'm a long term believer in barc, so any chance to get in at this level is good. switched out of LLOY.

[isis] 13/10/2010 09:55

The constant taxing and berating of the Banks is punishing Shareholders not the Banks per se. Anyone with a Pension is paying for the Politicians recklessness in this - they should give it a rest.

[sm8] 13/10/2010 09:50

is the barc recovering or is it just filling in the morning gap?

[sawadee3] 13/10/2010 09:39

Bought LLOY, RBS and BARC on the tank this morning, there's only one of these i will be holding long term, the other two will be day traded. GL.

[isis] 13/10/2010 09:39

The Public are very anti-Bank at the moment as the Politicians have played like Dough. The ignoramuses tend to believe everything they read and the Banks are a perfect scapegoat. This has given the media a flogging post and the Politicians a perfect alibi.

[oppo] 13/10/2010 09:30

UK goverment are still blaming banks for everything, so snything they can do that looks like they are punishing them they will...

[oppo] 13/10/2010 09:27

All bankers are liars and greedy cheats, I remember them all saying WE DO NOT NEED ANY MORE CAPITAL NOT SO LONG AGOE...........hundreds of billions in bail outs later who say's you can believe them now ???? You are a very brave man if you do.......