Gloomy Q3 results ahead as JP Morgan profits plummet

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Gloomy Q3 results ahead as JP Morgan profits plummet

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 collapse in profits 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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