JPMorgan reports hefty $3.6 billion profit

JPMorgan Chase
JPMorgan Chase

JPMorgan Chase (JPM), the first of the big U.S. banks to report third-quarter earnings, said Wednesday its loan losses are still high and are expected to remain that way for the foreseeable future, a troubling sign for the economy.

While JPMorgan reported a $3.59 billion profit, it also says it roughly doubled the amount of money it set aside for failed home and credit card loans in the quarter.