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--- Begin Message ----Caveat Lector- ------------------------ Yahoo! Groups Sponsor --------------------~--> <FONT COLOR="#000099">Make a clean sweep of pop-up ads. Yahoo! Companion Toolbar. Now with Pop-Up Blocker. Get it for free! </FONT><A HREF="http://us.click.yahoo.com/L5YrjA/eSIIAA/yQLSAA/WfTolB/TM";><B>Click Here!</B></A> --------------------------------------------------------------------~->By Justin Baer Bloomberg News Service Wednesday, July 21, 2004 http://quote.bloomberg.com/apps/news? pid=10000103&sid=aHOTE3b.yvJY&refer=us J.P. Morgan Chase & Co., the second- biggest U.S. bank, had a quarterly loss after setting aside $2.3 billion to help settle lawsuits stemming from its role in the collapse of companies such as Enron Corp. The second-quarter net loss of $548 million, or 27 cents a share, compares with net income of $1.83 billion, or 89 cents, a year earlier, the New York-based bank said in a statement. Profit before the costs exceeded analysts' estimates. The results exclude Bank One Corp., which J.P. Morgan bought for $57 billion on July 1. Chief Executive Officer William Harrison, 60, joins his counterpart at Citigroup Inc. in bracing for multibillion-dollar legal costs. Investors accused J.P. Morgan and Citigroup of helping bankrupt companies such as Enron and WorldCom Inc. conceal financial risks in exchange for investment-banking fees. "If you take the reserves now, you get them out of the way," said Robert Maneri, who helps manage $47.5 billion, including J.P. Morgan, at Cleveland-based Victory Capital Management. "Their hand may have been pushed a little by Citigroup doing it." Citigroup added $4.95 billion to its legal reserves in the second quarter, contributing to a 73 percent decline in quarterly profit. J.P. Morgan, with assets of about $1.1 trillion, ranks second in size to New York-based Citigroup. J.P. Morgan and Bank One told investors that their combination would save $3 billion annually, more than an earlier forecast of $2.2 billion as planned job cuts rise to 12,000 from an estimated 10,000. Former Bank One CEO James Dimon, who is slated to succeed Harrison in two years, is leading the merger project. The companies also announced a plan to repurchase as much as $6 billion in common stock. Shares of J.P. Morgan rose 42 cents to $36.82 at of 4:01 p.m. in New York Stock Exchange composite trading. They had gained about 3 percent in the past year, less than the 5.9 percent 24-member Philadelphia/KBW Bank Index's advance. J.P. Morgan peaked at $67.17 in March 2000. "Their expectations have increased, in terms of how much they can save from the merger," said Mark Batty, who helps manage $48 billion, including 2.2 million J.P. Morgan shares, at PNC Financial Services Group. "Obviously, that's a positive. Overall, things seem to be progressing.'" J.P. Morgan said without litigation and merger costs profit would have been $1.81 billion, or 85 cents a share. The company was expected to earn 83 cents, according to the average estimate of 16 analysts surveyed by Thomson Financial. "We have decided, after an extensive review, that our litigation reserves should be increased," Harrison said in a statement. "Our earnings this quarter, excluding the charges, were comparable to the prior year." Chicago-based Bank One, in its last quarter as a separate company, said net income rose to $1.1 billion, or 99 cents a share, from $856 million, or 75 cents, a year earlier. On average, analysts had predicted To date, the bank has earmarked about $4.7 billion pretax for litigation. In a meeting with analysts at the bank's New York headquarters, Harrison said the Enron case comprised a "significant amount" of last quarter's reserves. The quarter's net loss is about 27 times more than Harrison's 2003 pay of $20 million. Investors sued Enron's investment banks, including J.P. Morgan, for allegedly helping the energy trader disguise loans as assets. J.P. Morgan also said it will have second-half pretax charges of $1.3 billion to $1.5 billion to implement more conservative accounting policies. Profit in J.P. Morgan's investment-banking unit fell 32 percent to $703 million, while revenue declined 26 percent to $3.1 billion because of a slump in trading revenue. Wall Street firms such as Merrill Lynch & Co. also reported lower second- quarter trading revenue. "There is room for having a stronger outlook for revenues in investment banking," J.P. Morgan Chief Financial Officer Dina Dublon said on a conference call with reporters. "We are going into the summer months, and it tends to be slower than what you would have in the spring. Fees were very high for us, and the pipeline is stable." Investment banking fees increased 15 percent to $883 million, the company said. Trading revenue slipped 38 percent to $1.26 billion, including an $88 million loss in equities trading. During the analyst meeting, Dimon said the outlook for trading would "remain challenging." "It could be a slow summer,'" said Dimon, 48, who became president of the combined bank. Earnings in the J.P. Morgan's consumer financial-services unit, which includes credit cards, decreased 27 percent to $620 million in the second quarter. Dimon predicted "continued growth" from the company's retail business, and said rising interest rates would "moderate" demand for mortgage banking. Credit-card receivables would show "modest growth," he said. Treasury services earnings rose 9 percent to $121 million; investment management profit increased 60 percent to $93 million; and JPMorgan Partners, which makes private and buyout investments, had a profit of $187 million compared with a loss of $96 million a year earlier. Dimon said JPMorgan Partners earnings may slow. Bank of New York Co., the third biggest New York-based bank, today said net income increased to $371 million, or 48 cents a share, from $295 million, or 39 cents, a year earlier. ---------------------------------------------------- To subscribe to GATA's dispatches, send an e-mail to: [EMAIL PROTECTED] To unsubscribe, send an e-mail to: [EMAIL PROTECTED] ---------------------------------------------------- RECOMMENDED INTERNET SITES FOR DAILY MONITORING OF GOLD AND PRECIOUS METALS NEWS AND ANALYSIS Free sites: http://www.jsmineset.com http://www.cbs.marketwatch.com http://www.mineweb.com/ http://www.gold-eagle.com/ http://www.kitco.com/ http://www.usagold.com/ http://www.GoldSeek.com/ http://www.GoldReview.com/ http://www.capitalupdates.com/ http://www.DailyReckoning.com http://www.goldenbar.com/ http://www.silver-investor.com http://www.thebulliondesk.com/ http://www.sharelynx.com/ http://www.mininglife.com/ http://www.financialsense.com http://www.goldensextant.com http://www.goldismoney.info/index.html http://www.howestreet.com http://www.depression2.tv http://www.moneyfiles.org/ http://www.howestreet.com http://www.minersmanual.com/minernews.html http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html http://www.goldcolony.com http://www.miningstocks.com http://www.mineralstox.com http://www.321gold.com http://www.SilverSeek.com http://www.investmentrarities.com http://www.kuik.com/KH/KH.html (Korelin Business Report -- audio) http://www.plata.com.mx/plata/home.htm (In Spanish) http://www.plata.com.mx/plata/plata/english.htm (In English) Subscription site: http://www.lemetropolecafe.com/ http://www.hsletter.com Eagle Ranch discussion site: http://os2eagle.net/checksum.htm Ted Butler silver commentary archive: http://www.investmentrarities.com/ ---------------------------------------------------- COIN AND PRECIOUS METALS DEALERS WHO HAVE SUPPORTED GATA AND BEEN RECOMMENDED BY OUR MEMBERS Blanchard & Co. Inc. 909 Poydras St., Suite 1900 New Orleans, Louisiana 70112 888-413-4653 http://www.blanchardonline.com Centennial Precious Metals 3033 East 1st Ave., Suite 403 Denver, Colorado 80206 www.USAGold.com Michael Kosares, Proprietor US (800) 869-5115 Canada 1-800-294-9462 European Union 00-800-2760-2760 Australia 0011-800-2760-2760 [EMAIL PROTECTED] Colorado Gold 222 South 5th St. Montrose, Colorado 81401 www.ColoradoGold.com Don Stott, Proprietor 1-888-786-8822 [EMAIL PROTECTED] El Dorado Discount Gold Box 11296 Glendale, Arizona 85316 http://www.eldoradogold.net Harvey Gordin, President Office: 623-434-3322 Mobile: 602-228-8203 [EMAIL PROTECTED] Investment Rarities Inc. 7850 Metro Parkway Minneapolis, Minnesota 55425 http://www.gloomdoom.com Greg Westgaard, Sales Manager 1-800-328-1860, Ext. 8889 [EMAIL PROTECTED] Kitco 178 West Service Road Champlain, N.Y. 12919 Toll Free:1-877-775-4826 Fax: 518-298-3457 and 620 Cathcart, Suite 900 Montreal, Quebec H3B 1M1 Canada Toll-free:1-800-363-7053 Fax: 514-875-6484 http://www.kitco.com Lee Certified Coins P.O. Box 1045 454 Daniel Webster Highway Merrimack, New Hampshire 03054 www.certifiedcoins.com Ed Lee, Proprietor 1-800-835-6000 [EMAIL PROTECTED] Miles Franklin Ltd. 3015 Ottawa Ave. South St. Louis Park, Minn. 55416 1-800-822-8080 / 952-929-1129 fax: 952-925-0143 http://www.milesfranklin.com Contacts: David Schectman, Andy Schectman, and Bob Sichel Missouri Coin Co. 11742 Manchester Road St. Louis, MO 63131-4614 [EMAIL PROTECTED] 314-965-9797 1-800-280-9797 http://www.mocoin.com Resource Consultants Inc. 6139 South Rural Road Suite 103 Tempe, Arizona 85283-2929 Pat Gorman, Proprietor 1-800-494-4149, 480-820-5877 [EMAIL PROTECTED] Swiss America Trading Corp. 15018 North Tatum Blvd. Phoenix, Arizona 85032 http://www.swissamerica.com Dr. Fred I. Goldstein, Senior Broker 1-800-BUY-COIN [EMAIL PROTECTED] ---------------------------------------------------- HOW TO HELP GATA If you benefit from GATA's dispatches, please consider making a financial contribution to GATA. We welcome contributions as follows. By check: Gold Anti-Trust Action Committee Inc. c/o Chris Powell, Secretary/Treasurer 7 Villa Louisa Road Manchester, CT 06043-7541 USA By credit card (MasterCard, Visa, and Discover) over the Internet: http://www.gata.org/creditcard.html By GoldMoney: http://www.GoldMoney.com Gold Anti-Trust Action Committee Inc. Holding number 50-08-58-L Donors of $750 or more will, upon request, be sent a print of Alain Despert's colorful painting symbolizing our cause, titled "GATA." GATA is a civil rights and educational organization under the U.S. Internal Revenue Code and contributions to it are tax-deductible in the United States. -END- Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/gata/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! 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