JPMorgan reports ‘highest quarterly profit in the history of American banking’
Wall Street was disappointed.
JPMorgan Chase fired a very loud, quasi-official starting gun for the earnings season on Friday, posting a massive $18.1 billion Q2 profit, which Bloomberg called the “highest quarterly profit in the history of American banking.”
All cylinders of the American financial behemoth’s earnings engines were purring, with investment banking fees, equities trading revenues and net interest income — the difference between what it pays to borrow money and charges to lend it — rising. The gigantic profit number was boosted by $8 billion worth of one-time gains mostly related to Visa stock that JPM owns.
Naturally, JPMorgan stock fell 2%, which Bloomberg attributed to the fact that the company fell slightly short of estimates analysts had penciled in for net interest income.
