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JPMorgan Chase posts better-than-expected profit

April 17, 2009|Washington Post

Six months after Washington rescued Wall Street, exasperated banks insist they want to leave the lifeboat.

Jamie Dimon, chief executive of JPMorgan Chase & Co., said Thursday that he regretted accepting $25 billion in federal aid. He called the money "a scarlet letter," pledged quick repayment and renounced further borrowing from the government.

But the company, which announced a $2.1-billion first-quarter profit Thursday, has not entirely had it with Washington. JPMorgan said it planned to continue using a separate federal aid program through which it has borrowed more than $40 billion.

Other large banks are trying the same combination of breakup and embrace. Even as they clamor to exit the most prominent part of the bailout program by repaying government investments, firms continue to rely on other federal programs to raise even larger amounts of money.

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