Good to hear some banks are doing well. But what about the rest of the economy? This proves that the bailout of Wall St. was first about protecting big business and secondly the economy.
JP Morgan reported record revenues in the second quarter on Thursday on soaring investment banking fees and a strong performance from its commercial banking business.
The US bank’s earnings beat analysts’ most bullish expectations, jumping 36 per cent and producing net income of $2.7bn, or 28 cents a share, compared with $2bn, or 53 cents, in the same quarter the prior year.
Revenues climbed by 41 per cent in the quarter to a record $27.7bn. This was driven by $7.3bn from JP Morgan’s investment banking division, which saw fees soar grow by 29 per cent. Retail banking revenues climbed 44 per cent to $970m on higher deposit-related fees and balances and gains from its acquisition of Washington Mutual.
Related Link:
- Goldman Sachs Posts Record Profits
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