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Originally published Thursday, April 16, 2009 at 1:11 PM

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WaMu helped JPMorgan-Chase earnings

The acquisition of Washington Mutual helped JPMorgan Chase report better-than-expected first quarter profits of $2.14 billion.

NEW YORK —

The acquisition of Washington Mutual helped JPMorgan Chase report better-than-expected first quarter profits of $2.14 billion.

The FDIC seized WaMu in September and sold assets to JPMorgan Chase for $1.9 billion.

The WaMu acquisition helped drive JPMorgan's commercial banking unit's income up 16 percent to $338 million.

Its retail banking unit earned $474 million, compared with last year's loss of $311 million.

Copyright © 2009 The Seattle Times Company

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Comments (1)
I had WAMU accounts before and they had decent customer service. Chase took over raised all my rates immediately and cut all customer service....  Posted on April 18, 2009 at 12:21 AM by PAC. Jump to comment

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