JPMorgan earns $26.5bn in profit in 12 months, the most ever by any US bank
New York — Jamie Dimon has proved JPMorgan Chase doesn’t just rely on its traders for profits. JPMorgan has earned $26.5bn in profit over the past 12 months, the most ever by any major US bank. While trading results reported on Friday were worse than the firm had warned, second-quarter earnings set a record and the company said it will increase loans to companies and consumers this year at a rate that’s double what analysts expected. The biggest US bank kicked off earnings season for the industry, offering insight into how Wall Street trading and advisory and Main Street lending businesses performed. Following a first quarter in which most firms posted better-than-expected trading results, bank executives, including chief financial officer Marianne Lake, lowered expectations, saying trading revenue was 15% lower in April and May from a year earlier because of muted volatility. JPMorgan overcame that with record revenue from its commercial bank and higher profit at its asset and weal...
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