JPMorgan’s upbeat trading in Q2 offsets its loan-loss provisions
The bank's second-quarter trading set a record, but it has yet to feel the effects of the US government’s stimulus measures tapering off
14 July 2020 - 18:57
New York — JPMorgan Chase’s results are one more marker of the disconnect between ebullient markets and concern about the US economy.
The biggest US bank said second-quarter profit fell 51% to $4.69bn, a smaller drop than forecast, as record trading revenue helped counter the biggest loan-loss provision in the firm’s history. It’s the second consecutive quarter that trading set a record, as the bank’s Wall Street unit is helping prop up a consumer-lending division struggling with business closures and swelling unemployment rolls...
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