One-off gain saves JP Morgan's investment bank from loss

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One-off gain saves JP Morgan's investment bank from loss

The third quarter results season for investment banks got off to a worrying start this week when JP Morgan’s investment bank escaped reporting a loss only because of a $1.9bn accounting gain related to the widening of the bank's own spreads. Given the relative strength of the firm, the tough result bodes very ill for the rest of the industry.

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