Brady Dennis, Washington Post,
Submitted by: Editor
J.P. Morgan Chase reports $3.3 billion first-quarter profit
The company's net income for the first three months of 2010 marked a 57 percent increase from the $2.1 billion earned in the year-earlier quarter. Trading profits in its investment bank helped offset continued consumer credit losses tied to mortgages and credit cards.
J.P. Morgan has benefited from unprecedented government assistance. It relied on federal aid in buying the distressed investment bank Bear Stearns and the troubled mortgage lender Washington Mutual. It accepted $25 billion in emergency aid from the Treasury Department in 2008, which it has since repaid, and has borrowed billions of dollars more through other government support programs.