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JPMorgan on profit drop: Be relieved we aren't taking big risks

JPMorgan Chase & Co executives had a clear message for shareholders after reporting declining first-quarter earnings: don't worry, be happy that the bank isn't chasing short-term gains by making irrational lending decisions.The first quarter was a tough one for JPMorgan. Profit fell 19 percent, revenue fell 8 percent, and the bank set aside 38 percent more money to cover loan losses.But the important thing is that the bank is not lowering its lending standards, Chief Executive Jamie Dimon told reporters."We feel really good about the risks we're taking ... for the future of the company," Dimon said on a conference call.The bank will not be too aggressive in areas where it says it believes other lenders have taken leave of their senses, such as business lending, Chief Financial Officer Marianne Lake told analysts on a separate call."We'll do every rational and sensible deal we can do but we aren't going to chase growth at the expense of discipline," Lake said.Some investors say they app...

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