JPMorgan Chase: Loan Reserve Cut Boosts 2Q Profit to $4.8 Billion

Declines in loan charge-offs and delinquencies prompted a $1.5 billion reduction in loan reserves by JPMorgan Chase in the second quarter of 2010, and that helped boost earnings to $4.8 billion, compared to $2.7 billion a year ago.

Ex-Sen. Mel Martinez Joins Chase to Oversee Florida, Central America

Mel Martinez, the former U.S. Senator for Florida and former U.S. Housing and Urban Development Secretary under President George W. Bush, is joining JPMorgan Chase as chairman for Florida, Mexico, Central America and the Caribbean.

Chase Ultimate Rewards: 20 Billion Points Since May 2009

Chase’s Ultimate Rewards program has redeemed more than 20 billion points for more than 3 million items since launching in May 2009, and the largest credit card issuer has launched a multimillion-dollar ad campaign to further boost its customer base.

Chase Targets Bigger Share of Affluent Customer Business

JPMorgan Chase wants a greater share of its affluent customers’ business – a move the bank said could increases its pre-tax profits from $500 million to $1 billion annually. Chase said just 8 percent of its retail customers are “affluent,” defined as having deposits and investments totaling at least $500,000.

Chase: Transfer Funds by Texting If You Get Mobile Alert

Chase is already sending text messages to 725,000 customers a week alerting them of low checking account balances – but now they can respond with their own text instructing the bank to transfer funds from other accounts.

Chase’s Dimon to Students: You Can ‘Hold Me Accountable’

Despite controversy over his selection as commencement speaker, JPMorgan Chase Chief Executive Officer Jamie Dimon today drew a mostly positive response from Syracuse University students as he urged them to “have the fortitude to do the right thing, not the easy thing.” As the head of a financial giant, Dimon’s appearance to the students represented the banking industry, a key player in the financial crisis that has left a weak economy to greet this year’s graduating class.

Chase Plans Foreclosure Prevention ‘Events’ in 8 Markets

Chase said today its counselors will work with struggling homeowners “as long as 12 hours a day” at special events intended to prevent borrowers from falling into foreclosure. Chase and other top mortgage lenders, including Bank of America, Wells Fargo and Citigroup, have initiated several assistance programs in the face of an unabated foreclosure crisis, with a growing number of homeowners owing more than the value of their property.

Chase, Bank of America: Have Credit Card Delinquencies Peaked?

JPMorgan Chase and Bank of America, the top two general-purpose credit card issuers, reported improved outlooks for their card divisions in first-quarter reports, including a possible peaking in delinquencies, a trend generally reflective of the industry. But concerns remain as charge-offs are still elevated from credit card loans deemed uncollectible at 180 days late. Those stem from delinquencies that first registered in the second half of last year.

JPMorgan’s Investment Biz Pushes 1Q Profit to $3.3B

JPMorgan Chase reported a first quarter profit of $3.3 billion, a 55 percent jump from a year ago, led by another solid performance by its investment banking business – while reducing its reserve for credit card losses by $1 billion as delinquencies leveled off. Chase beat Wall Street expectations with 74 cents per share earnings, compared to $2.14 billion, or 40 cents a share, a year earlier. Most analysts had forecast 64 cents earnings-per-share for the first quarter.

Lenders: Mortgage Forgiveness Costly, Unfair to Others

Principal forgiveness –a key part of the Obama Administration’s new foreclosure prevention efforts – would prove to be very costly to the industry and taxpayers, and ultimately unfair to the vast majority of homeowners who stay current on their unreduced mortgages, top banking executives said today. The executives from some of the top mortgage lenders – Bank of America, Citigroup, JPMorgan Chase and Wells Fargo – testified before the House Financial Services Committee.

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