JP Morgan Chase Reports Financial Results
JP Morgan Chase has reported financial results for the fourth quarter of 2007. In its Card Services business, net income declined 15% to $609 million primarily as a result of an increase in its provision for credit losses to $1.8 billion, up 40% over the same quarter in 2006. Noninterest expenses declined during the quarter. Its merchant processing (Chase Paymentech) reported processing card volume of $194.4 billion, up 9%, on 5.4 billion transactions.
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