By Jacob Goldstein
The first-quarter profits at JPMorgan Chase, the second biggest bank in America, make it look like a big Wall Street investment bank that happens to have a retail banking operation attached to it.
The bank said today that it made $3.3 billion in profits in the first three months of this year.
Most of that money -- $2.5 billion -- came from its investment banking division, which made a lot of money trading bonds, the company said.
The bank's "retail financial services" group, which includes retail banking, mortgage banking and real estate portfolios, lost $131 million during the quarter, driven by big losses in real estate. The bank also set aside $2.3 billion "for litigation reserves, including those for mortgage-related matters."
"Obviously, the mortgage area has been a very confusing, complex area," said Jamie Dimon, the bank's CEO, according to Dow Jones Newswires.