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« Miss. Gov. Vetoes Bill to End Grocery Tax | Main | Brown Accepts More Blame on Katrina »

JPMorgan sees higher Katrina costs

NEW YORK (CNNMoney.com) - JPMorgan Chase & Co. posted sharply higher fourth-quarter earnings Wednesday but CEO James Dimon said losses from Hurricane Katrina could cost the nation's No. 3 bank much more than previously estimated.

JPMorgan (Research)'s stock dipped about 1 percent in morning trading after the earnings news.

Speaking on a conference call, Dimon said that the company's previous estimate of about $400 million in costs from Hurricane Katrina was at the low end of what the company now expects. [Read more - CNNMoney]

January 19, 2006 in Katrina – Insurance Issues |

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