Presumptive Democratic nominee Joe Biden addresses Wall Street’s worries, saying if he gets elected, he’ll raise salaries, increase infrastructure work and grow the economy.
JPMorgan Chase, the largest U.S. lender, posted higher profit than analysts estimated as the COVID-19 pandemic hammered the country’s economy in the three months through June.
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Profit of $1.38 a share compared with the $1.04 average estimate from analysts surveyed by Refinitiv, even as earnings shrank 51 percent to $4.7 billion, thanks in part to lower profit margin on loans as the Federal Reserve slashed interest rates.
Revenue climbed 15 percent to $33.8 billion, the company said, amid double-digit growth in stock and bond trading as investors nationwide moved money to safer assets and took advantage of market volatility.
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While U.S. stocks have rallied from March lows as the worst downturn since the Great Depression began easing, a rebound in infections as lockdowns were relaxed has introduced a fresh threat.
“Despite some recent positive macroeconomic data and significant, decisive government action, we still face much uncertainty regarding the future path of the economy,” CEO Jamie Dimon said in a statement. “However, we are prepared for all eventualities as our fortress balance sheet allows us to remain a port in the storm.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JP MORGAN CHASE & CO. | 97.65 | +1.38 | +1.43% |
| C | CITIGROUP INC. | 52.20 | -0.45 | -0.85% |
| WFC | WELLS FARGO & COMPANY | 25.41 | -0.06 | -0.24% |
JPMorgan ended the quarter with $34 billion of credit reserves and liquidity resources of $1.5 trillion, he said.
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