JPMorgan Chase beats profit estimates on strong dealmaking, trading
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JPMorgan Chase, the largest bank in the United States, reported better-than-expected second-quarter profits due to its strong investment banking business and high merger and acquisition activities. The bank's investment banking fees increased by 50% from the previous quarter, surpassing the company's prediction. CEO Jamie Dimon expressed optimism about the economy but warned of risks, including geopolitical tensions, inflation, and higher interest rates. Despite increasing provisions for possible loan losses, lending remained healthy. JPMorgan's overall profit rose 25% to $18.15 billion, exceeding analyst expectations. Trading revenue increased by 10% year-over-year, and the commercial and investment banking unit achieved record revenue for the first half of the year. The bank's succession plans are being reviewed as CEO Dimon is expected to retire in the next couple of years.
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https://www.wionews.com/business-economy/jpmorgan-chase-beats-profit-estimates-on-strong-dealmaking-trading-740323
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