|
|
| |
|
| |
| |
| |
| July 19, 2010: JPMorgan Chase and Company kicked off the earnings season for the nation’s big banks on Thursday, July 15, 2010, with news of a strong gain in second-quarter profit, according to The New York Times. After powering ahead for the last year on the strength of its Wall Street trading operations, JPMorgan said its net income rose 78 percent, to $4.8 billion, from $2.7 billion in the period a year earlier. Earnings rose to $1.09 a share, from 28 cents. JPMorgan shares rose slightly even as the rest of the banking sector posted a decline. The results benefited from a release of $1.5 billion in loan loss reserves. Revenue declined 8 percent, to $25.6 billion, in the second quarter, from $27.7 billion in the period a year ago. The results, which exceeded analysts’ expectations of 70 cents a share, were the start of a rush of quarterly results from major banks. Citigroup and Bank of America were scheduled to report their results on Friday, July 16, 2010, and Goldman Sachs, Morgan Stanley and Wells Fargo are scheduled to follow this week. JPMorgan emerged from the global financial crisis bigger, stronger and healthier than many rivals. But like other big banks, it still confronts fallout from the recession, with potential losses on its portfolio of home mortgages and consumer loans. The jittery markets, unnerved by the European debt crisis and the flash crash in May, 2010, tempered trading results for JPMorgan and its main rivals. |
|
|
|
  Follow us on Twitter
Copyright © 2010 Carroll Publishing
|
|
|
