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Five billion dollars is a lot of money. Even for a bank of JPMorgan’s size, with some US$2trn in assets, its latest quarterly net income, US$4.8bn, represented a record haul for the group. It was also a 76% jump from earnings in the same quarter last year.
The announcement of the Wall Street giant’s second-quarter results, on July 15th, initially stunned the markets, which were expecting more modest earnings. But it didn’t take long for analysts and investors to pick through the financial statements and find reasons to be less impressed by the headline result. Subsequent earnings announcements from fellow financial heavyweights Bank of America and Citigroup, on July 16th, followed a similar pattern.
Read more at Financial Services Briefing: “Core concerns” (July 16th)