• From The BBC:

    JPMorgan Chase has become the second major US bank to report a big rise in profits for the April to June period.Net profit for the second quarter totalled $2.72bn (£1.6bn), an increase of 36% on the same period last year. Revenues at the company rose 41% to a record $27.7bn. Its results come two days after rival Goldman Sachs reported a $3.44bn second quarter profit. Analysts said the results underscored growing confidence among banks and could signal an end to the crisis. JP Morgan has repaid in full the $25bn it received as part of the US government’s bank bail-out in October last year. End of crisis?However, critics have questioned whether banks should be making such juicy profits less than a year after accepting taxpayer’s money to stave off potentially devastating losses.
    Jamie Dimon, JP Morgan’s chairman and chief executive, said it was confident it could continue to perform well even if the economic environment deteriorated further. The bank said its investment banking ar…

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    Posted by Jon @ 7:17 pm

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