JPMorgan expects loss from mortgage originations
(Reuters) - JPMorgan Chase & Co (JPM.N) expects to see a loss from its mortage origination business in the second half of this year, according to a company presentation for investors on Monday.
The pretax margin from mortgage production is expected to be "slightly negative," according to a slide presentation by Chief Financial Officer Marianne Lake and posted on the company's website ahead of the scheduled mid-day presentation.
The company expects to increase its litigation reserves in the third quarter and release other reserves of $1.25 billion from its mortgage operations, according to the presentation.
Markets revenue in third quarter is expected to be "flat to down 5 percent" from a year earlier. Net interest income for the company is expected to be "slightly up" from the second quarter.
The company is scheduled to release full results for the quarter on October 11.
(Reporting by David Henry in New York; Editing by Jeffrey Benkoe)
- Special Report: Thailand secretly supplies Myanmar refugees to trafficking rings |
- The 10 Most Corrupt and Least Corrupt Countries in the World
- NSA gathers data on cellphone locations globally: report
- China's airspace zone has caused apprehension: Biden |
- JPMorgan warns 465,000 card users on data loss after cyber attack