Surprise rise in JPMorgan earnings shows trading surge is holding up
The hike, fuelled by a 30% jump in markets revenue, hints at what is to come when the rest of Wall Street reports results this week
13 October 2020 - 17:57
New York — JPMorgan Chase, in its third quarter under the shadow of the pandemic, showed that the surge in trading is holding up — and so are borrowers.
The biggest US bank posted a surprise increase in earnings, fuelled by a 30% jump in markets revenue as elevated volume kept its stock and bond traders busy. The lender also defied expectations by cutting its reserve for credit losses by $569m, after adding $20bn to the allowance in the first half, as charge-offs of bad loans declined from a year earlier...
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