JP Morgan profits
JP Morgan Chase and Co has reported a second quarter rise in earnings to USD2.7 billion. This is the first time since 2007 profits at the bank have risen and the news has triggered a wave of confidence in the stability of the banking sector.
The 36% profit rise is largely due to the investment banking unit and this is helping to offset write downs from bad loans. JP Morgan is the second largest bank in the US and holds the number one rank in underwriting stocks and managing US bonds.
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