The investment bank’s strong showing helped offset burgeoning losses on credit cards and mortgages in its major consumer businesses. JPMorgan also benefited from revenue gains from the branches scooped up in the takeover of Washington Mutual last fall.
Although the recession weighed heavily on its businesses, JPMorgan added another $2 billion to its consumer credit reserves for future losses and still beat investor expectations. JPMorgan said net income rose to 82 cents a share from 9 cents a share in the third quarter of 2008. Revenues grew to $28.8 billion.
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