JPMorgan Chase First Quarter 2008 Financial Results Conference Call

1) JPMorgan Chase reported earnings of $2.4 billion on revenue of $17.9 billion for 1Q08, down 49% from record earnings in 1Q07. EPS was $0.68. 2) The Investment Bank took markdowns of $2.6 billion related to subprime, Alt-A, prime mortgages, and leveraged lending commitments. It reported a net loss of $87 million on revenue of $3 billion, down 52% year-over-year. 3) The firm increased its credit reserves by $2.5 billion, including $1.1 billion related to the home equity portfolio. It transferred $4.9 billion of lever