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Credit crunch hits US bank profit
profits hit following its acquisition of washington mutual's assets on 25 september, jp mortgan chase is now the biggest us bank in terms of bank deposits .
'turbulent environment' besides jp mortgan chase and wells fargo, other banks will also be reporting their third quarter profits figures this week .
jp mortgan, which bought bankrupt rival washington mutual, saw third quarter profits fall 84% to $ 27m (Â302m) .
wells fargo also beat wall street's expectations, although its earnings were markedly down compared to its $2.17bn during the same period last year .
wells fargo's profits were hit by write-offs of investments in the troubled us mortgage giants fannie mae and freddie mac, and lehman brothers .
despited the dramatic profits falls, the results from bother banks were better than many analysts had feared .