JPMorgan beats the Street [Reuters & CNBC] "JPMorgan reported higher-than-expected quarterly earnings, helped by narrowing losses on bad loans that allowed it to release $2 billion in reserves. JPMorgan, the first of the major U.S. banks to report earnings for the fourth quarter, said profit increased to $4.8 billion, or $1.12 a share, from $3.3 billion, or 74 cents a share, a year earlier. 'This was a pretty good number and… the indication for other investment banks is rather positive,' Jeff Hart, Principal at Sandler O'Neill, told CNBC."
Goldman Reveals New Crisis Funding [CNBC via The Financial Times] "Goldman Sachs has revealed details of about $5 billion in investment losses suffered during the crisis for the first time this week, in a move that will deepen the debate over companies’ financial disclosures. The U.S. Securities and Exchange Commission seal hangs on the facade of its building in Washington, DC. The figures, issued as part of internal reforms aimed at silencing Goldman’s critics, show that the bank suffered $13.5 billion in losses from 'investing and lending' with its own funds in 2008."