An interesting theme is emerging in top commercial bank earnings this quarter. All the banks have been able to better withstand the subprime storms in part because of strong investment banking operations. JPMorgan is the best example of that. The bank's investment banking unit posted a record $1.5 billion in net income, an 81 percent rise compared with the year-ago quarter. Business seemed robust across the advisory and trading board. So that makes the subprime stuff seem less consequential. However, JPMorgan's reserves for credit losses rose to $292 million vs. $85 million a year ago. Still, it says its mortgage exposure is limited. It has clamped down on the subprime spigots a bit.

For more:
- here's the Business Week Online article