JPMorgan’s profit topped estimates for the second quarter

JPMorgan’s profit topped estimates for the second quarter

US investment bank JPMorgan Chase topped estimates for the second quarter with a profit of 1.55 dollars per share compared to forecasts of 1.43 dollars per share. This fired up the bank’s shares in trading before the market opening, reports CNBC.

The investment bank also reports a higher revenue than estimated for the second consecutive quarter

Consensual evaluation of 28 analysts pointed to a profit of 1.43 dollars per share, with estimates ranging between 1.34 dollars and 1.54 dollars per share. Revenues for the quarter amounted to $25.2 bln. with the expectation of analysts being around $24.16 bln. For the same period last year, the bank made a profit of 1.54 dollars per share on revenue of $24.3 billion.

In the first quarter of 2016. JPMorgan Chase also has topped expectations for revenue and its profit with respectively $24 bln. and 1.35 dollars per share.

Earlier this week the CEO of JPMorgan Chase Jamie Dimon joined other senior managers who have introduced higher payment for minimum wage employees, calling for fairer opportunities to get ahead.

Shares of JPMorgan Chase, like the shares of most banks are experiencing difficulties in 2016, having first been hit by falling prices of raw materials and then by economists, supporting expectations that central bankers in the US and around the world will raise interest rates.

After the turbulent first quarter this year, banks again made cuts amongst their staff to compensate for the decline in capital markets and trade, which hit their revenues. Then, however, the chief executive of corporate and investment banking at JPMorgan Chase Daniel Pinto suggested that the cuts on Wall Street are close to “end of the cycle of contraction.”

After the turbulent first quarter this year, banks again made cuts amongst their staff to compensate for the decline in capital markets and trade, which hit their revenues. But then the Chief Executive Officer of Corporate & Investment Bank at JPMorgan Chase Daniel Pinto suggested that the cuts on Wall Street are close to “end of the cycle of contraction.”

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