JPMorgan Quarterly Earnings Surge 31 Percent
Source: New York Times
JPMorgan Chase, the nation’s largest bank, reported a 31 percent surge in second-quarter earnings on Friday, buoyed by strong gains in the bank’s investment banking business, its credit card operations and in its mortgage lending division, which is benefiting from steady improvements in the nation’s housing markets.
The net earnings of $6.5 billion, or $1.60 a share, handily exceeded Wall Street analysts’ expectations of $5.47 billion, or $1.44 a share, on revenue of $24.84 billion. Revenue was $25 billion, compared with $22 billion in the period a year earlier.
“Our earnings reflected strong growth across our businesses,” Jamie Dimon, the bank’s chief executive, said in a statement on Friday.
The report on Friday kicked off the bank earnings season. As the nation’s largest bank by assets, JPMorgan is typically looked at as a bellwether for the broader banking industry. . .
Read more: http://dealbook.nytimes.com/2013/07/12/jpmorgan-quarterly-earnings-surge-31-percent/?hp
Gee, what swell news. At a time when the GOP seeks to end food stamps, student loan rates are poised to double, states are cutting back on unemployment benefits and rejecting Medicaid expansion, and on and on - it's nice to know that the bloated and bailed-out rich continue to get richer.
What a country we've become.
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Sickens me really ...
If you don't care to gamble at the JP MORGAN casino, you are screwed if you have money that you do not care to have some "investment firm" manage it for you at YOUR expense.
With interest rates at zero, many people are finding themselves screwed and then some if they don't care gamble with what money they may have (like retirees that have no business having ANY money invested in the Casino being they have no way to recover losses because they are too old and perhaps to sick to work any longer).
As for the criminals at JP MORGAN who have taken all of the bail-out money they can grab, the game continues on and on and on ....
& recommend.