Some investors said the drop in shares and bonds has been exaggerated and may soon end.
"I don't think things are as dire as some investors want to make out," said Steve Wharton, who helps Loomis Sayles & Co manage about US$70 billion, including 1.4 million JP Morgan Chase shares. "I think the stock will be higher 12 months from now."
The credit rating companies are more skeptical.
"It wouldn't take too much more bad news to downgrade" the company, said Tanya Azarchs, senior financial services analyst at S&P, which has assigned the company a "AA-" rating.
"Whether you are looking at the price of their long-term debt or the credit default swap market, they are trading like a single-A company," Azarchs said. "I have been deluged with calls."
Moody's last week affirmed its "Aa3" rating with a "stable" outlook and Fitch yesterday changed to "negative" the outlook on its "AA-" rating.
The volume of trading in JP Morgan credit-default swaps has risen in recent weeks to between US$50 million and US$75 million a day, Morgan Stanley's Pohly said.
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