JPMORGAN PROFIT RISES TO RECORD, FUELED BY INVESTMENT BANKING
- NEWS Desk Global
- Jul 12, 2024
- 1 min read
JPMorgan Chase beat estimates for second-quarter profit on Friday as a resurgence in dealmaking and strong capital markets fueled record results.
More companies are seeking to raise funds through debt or equity offerings and striking takeover deals as they gain confidence in the U.S. economic outlook, helping to boost Wall Street banks' income.
Investment banking revenue grew 46% to $2.5 billion, compared with a low base a year earlier. The gains exceeded the company's earlier predictions. The Wall Street operations even propelled overall profits to an all-time high. JPMorgan also benefited from a one-time accounting gains on transactions related to payments network Visa. Despite the strong results, CEO Jamie Dimon maintained caution about the economic outlook.
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