JPMorgan profit more than doubles, but revenue falls

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JPMorgan Chase & Co. on Tuesday said second-quarter profit soared compared with a year ago, when the bank was stockpiling funds to prepare for a painful recession.

The nation’s biggest bank posted a profit of $11.95 billion, or $3.78 per share, compared with $4.69 billion or $1.38 per share a year ago. That beat the expectations of analysts, who had predicted $3.20 per share.

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Yet revenue fell 8% to $30.48 billion from $33.08 billion a year ago, the result of depressed lending margins and lower trading revenue. Analysts had expected $29.97 billion in revenue, according to FactSet.

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www.foxbusiness.com/markets/jpmorgan-bank-earning-profit-jamie-dimon-economy-revenue

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