JPMorgan Chase results hit by new write-down

America’s third largest bank saw income fall from a record $4.8bn in Q1 last year, mainly attributed to a $2.6bn write-down in sub-prime related credit. The latest write-down follows the bank's $1.3bn sub-prime hit in Q4 2007. “Our earnings this quarter were down significantly as market conditions and the credit environment remained challenging,” chairman and CEO Jamie Dimon says. “However, the firm as a whole maintained solid business momentum and our capital position remained strong.” Dimon remains confident the recent agreement to acquire Bear Stearns will add value to the enlarged c...