JPMorgan takes subprime hit

JPMorgan’s earnings for the last quarter of 2007 fell 34% as a result of its exposure to US mortgage loans. The bank said it had to cut the value of investments linked to the US mortgage market by $1.3 billion.

Net revenue was $3.2 billion, a decrease of $1.7 billion, or 35%, from 2006. Investment banking fees were $1.7 billion, up 5% from 2006, reflecting record advisory and equity underwriting fees, largely offset by lower debt underwriting fees, which declined 39%. This drop reflected lower

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