The ability of the bank to boost its earning assets will help it weather a more prolonged period of low interest rates. That compares with a profit of $5.78 billion a year earlier. A total of around 6.5 billion shares were traded on Thursday, lower than the last 20-session average of 7.8 billion shares. “And throughout the recent uncertainty and turbulence in the markets, we continued to be there for our clients – solid and steadfast to meet their needs, execute their transactions and provide liquidity”. “1” brokerage firms have issued “Sell” rating for the company and “Strong Sell” rating was issued by “1.74” brokerage firms.
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Earnings per share came in at $1.55, which was up from $1.54 one year earlier. Revenue rose 2.4% from a year ago to $24.38 billion, the best such showing for the bank in more than a year. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. Within investment banking, JPMorgan’s trading division did particularly well. Non-interest expenses decreased 5.9 percent to $13.64 billion from $14.5 billion a year earlier, thanks to cost cutting and lower legal bills. The same period from past year had $1.54 in EPS on $24.53 billion in revenue.
The “Brexit” is “not a financial crisis”, Marianne Lake, JPMorgan’s CFO, said during a morning call with reporters. Trading maintained momentum through the second half of June, instead of tapering off as it has done so historically, possibly as a result of the U.K.’s vote to leave the European Union.
United States crude oil prices rebounded, rising 2.1% to $US45.68 a barrel.
JPMorgan said after the Brexit vote that it was considering changes to its structure in Europe that could result in moving some of its 16,000 UK-based employees. JPMorgan posted both profit and revenue that exceeded analysts’ estimates. JPMorgan’s FICC (fixed income, currency and commodities) trading desk brought in nearly $4 billion in revenues in Q2 2015 and the equity trading desk added another $1.6 billion for total trading revenues of just under $5.6 billion – well above the $4.5 billion figure a year ago. It also raised questions about how much money and time US banks will have to spend to shift some of their London operations serving European customers. Ms. Lake said the vast majority of loans on the bank’s balance sheet were jumbo, larger loans typically made to high-quality borrowers.
JPMorgan is the first of the major USA banks to take action in the minimum wage debate, having allowed smaller institutions like Amalgamated Bank to take the lead.
Wells Fargo & Co and Citigroup Inc. the third and fourth-biggest USA banks, report results on Friday.
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The most influential risers included Royal Bank of Canada, the country’s biggest bank by market capitalization, which rose 0.7 percent to C$79.82, and Manulife Financial Corp, which advanced 1.2 percent to C$17.73.
