JPMorgan Chase posts $8.3 billion profit

[Only the Best]

https://money.cnn.com/2018/07/13/inv...ngs/index.html

JPMorgan Chase continues to benefit from a US economy that's still humming along.

The giant bank reported a profit of $8.3 billion for the second quarter Friday, an increase of 18% from a year ago and not far off from JPMorgan's record quarterly profit of $8.7 billion in the first quarter.

American banks have gotten a boost from this year's tax cuts.

JPMorgan CEO Jamie Dimon said in a statement that "the healthy US consumer" helped drive big gains in its credit card and money management businesses. Deposits grew at a solid clip as well.

Dimon also said that JPMorgan posted record fees in its global investment banking unit in the first half of the year, thanks to a boom in trading revenue, mergers and IPOs.

"We see good global economic growth, particularly in the US, where consumer and business sentiment is high," Dimon said.

Dimon continued to defend Corporate America's use of tax savings to increase dividends and buy back more stock, moves that some have criticized as helping wealthier investors but not average consumers on Main Street.

Dimon told reporters last month that people who bashed buybacks were "basically ignorant."

In a response to a question about those remarks from CNNMoney during a conference call with reporters Friday, Dimon said it was normal for companies to "recycle capital" and put it to better use. He said that eventually will benefit the broader economy. Dimon pointed out that wages are going up and the unemployment rate is going down.

During the conference call with reporters, chief financial officer Marianne Lake added that the bank is still optimistic despite uncertainty surrounding tariffs and increased trade tensions between the United States and China, Europe, Canada and other big global economies. Lake said there has been "no meaningful impact on demand" so far for corporate loans.

But Dimon added that there can be "unpredictable outcomes" when there are multiple skirmishes on the trade front. He said he was hopeful that the trade issues will ultimately be resolved through negotiations.

A trade war isn't the only potential problem for banks. Analysts asked Dimon and Lake several questions about rising interest rates during another conference call later Friday.

There have been some concerns that even though the Federal Reserve is raising short-term rates, longer-term rates have barely budged lately. This so-called flattening of the yield curve could be the harbinger of an economic slowdown.

But Dimon didn't seem too think this would be a big problem. He even predicted that long-term bond yields, particularly the 10-year Treasury, would eventually start to creep higher again -- and that's another sign of a solid economy.

"Rates can go up in a healthy environment," Dimon told analysts. "It's not always true that the 10-year going up is bad."

The lingering uncertainty may be worrying investors a bit however. Even though the bank's profit surpassed analysts' expectations, JPMorgan's (JPM) stock was down slightly Friday.

JPMorgan is just one of several big banks to report results Friday. Citigroup (C) and Pittsburgh regional banking giant PNC (PNC) also posted profits that topped forecasts. But scandal-plagued Wells Fargo (WFC) reported earnings that missed Wall Street's targets.

This is great news for America. Surely this wealth will trickle down to the middle class any time now. Thank you Mr. Donald Trump for making this possible.

[Video Games]

Already has awwwwwwwwwwwwwwwwwwwww yeeeeeeeeeeeeeeeeeeeee

[Daedius]

Already has awwwwwwwwwwwwwwwwwwwww yeeeeeeeeeeeeeeeeeeeee

Spend it wisely.

[lockedout]

Already has awwwwwwwwwwwwwwwwwwwww yeeeeeeeeeeeeeeeeeeeee

What do you expect with that balance?

[GennGreymane]

Already has awwwwwwwwwwwwwwwwwwwww yeeeeeeeeeeeeeeeeeeeee

yeeeeeeeeeeeeeeeeeeeeeeeee!!!!

[Video Games]

Spend it wisely.

in 130 months, I'm gonna get a bag of chips.

What do you expect with that balance?

1% from the 1%

[Vellus]

https://money.cnn.com/2018/07/13/inv...ngs/index.html

This is great news for America. Surely this wealth will trickle down to the middle class any time now. Thank you Mr. Donald Trump for making this possible.

I can't tell if this is satire

[Deleted]

They're doing good. We support each other, they can even make your sudden depression to money. Very useful.

[PBWi]

I have distant lineage to Morgan via my great-grandmother,
does nothing for me as I have no living ties to the family, nor stock in the company.
Chase is anti-gun = I won't use them.

My credit balance is paid in full monthly as I live within my means and work.
My rating is 795+

on the flip side, credit debit worldwide is much too high, especially since they finagle derivatives tied to people's retirement to it. It's insane.
We do as our nations tend to I guess. the USA's national debt per capita is insane, but most of it is held by the citizens, so meh,
Germany's is even higher. oO

The fact people tare buying more is a direct result of the US economy kicking rear thanks to Trump, and he still has cards to play.

as a planet I wish we would be pushing space exploration more, the tech advancements would be great too.

[Hilhen7]

Already has awwwwwwwwwwwwwwwwwwwww yeeeeeeeeeeeeeeeeeeeee

They probably had to round up in order to give you that $.01

[breadisfunny]

I have distant lineage to Morgan via my great-grandmother,
does nothing for me as I have no living ties to the family, nor stock in the company.
Chase is anti-gun = I won't use them.

My credit balance is paid in full monthly as I live within my means and work.
My rating is 795+

do you want a pat on the back? also why are you mentioning a lineage to morgan? that seems odd....

[PBWi]

do you want a pat on the back? also why are you mentioning a lineage to morgan? that seems odd....

because I detest chase, and even as a blood relative I won't use JP Morgan "chase" you seem odd zeroing in on that.

[Independent voter]

Well good for JP Morgan I suppose.

[jazen]

[QUOTE=PBWi;49729678]I have distant lineage to Morgan via my great-grandmother,
does nothing for me as I have no living ties to the family, nor stock in the company.
Chase is anti-gun = I won't use them.

My credit balance is paid in full monthly as I live within my means and work.
My rating is 795+

on the flip side, credit debit worldwide is much too high, especially since they finagle derivatives tied to people's retirement to it. It's insane.
We do as our nations tend to I guess. the USA's national debt per capita is insane, but most of it is held by the citizens, so meh,
Germany's is even higher. oO

The fact people tare buying more is a direct result of the US economy kicking rear thanks to Trump, and he still has cards to play.

as a planet I wish we would be pushing space exploration more, the tech advancements would be great too.[/QUOTE

Are you ready for the next bubble bursting? All signs point to late 2019/early 2020 housing market tanking, just like during the last Republican presidency.

[Grimbold21]

If Trump's tariffs play a part in increasing the cost of living for Americans, what impact - if any - do they have on the banking sector?

[Stelio Kontos]

I can't tell if this is satire

OP is a troll account, so yes, it's satire.

[Themerlin]

I wish it trickled down as Taxes...

Instead of it being given to individuals to hide it in other banks off shore

[Tiwack]

This is great news for America. Surely this wealth will trickle down to the middle class any time now. Thank you Mr. Donald Trump for making this possible.

How bout some legislation underpinning that statement instead of it being on the level of "thoughts and prayers", relying on their goodwill and rejecting evidence of rising wealth-disparity while toting the same old spiel that's supposed to indicate, it'll never happen other than in the form of actual disgust of having to rely on goodwill and not a cold contract to gain something from it in return - of course while solacing in their own "sacrifice" and "generosity". Only way it trickles is in the direction of the golf-clubs and their own families barnacle-ilk on offshore-banks.

[PBWi]

Are you ready for the next bubble bursting? All signs point to late 2019/early 2020 housing market tanking, just like during the last Republican presidency.

Bill Clinton and Glass Steagall being gutted had nothing to do with that of course....


I have no doubt the "Fed Reserve" banking cabal will no dout jack rates and try to curb things. Good thing is Trump IS NOT a republican, nor Democrat President.
He's Trump.

Watch how fast drilling starts off the coast of California.... It'll be OK, They'll try, but so long as he has influence over the legislative branch after it's purged of scum in 2018 It'll be Ok.

[Logwyn]

If Trump's tariffs play a part in increasing the cost of living for Americans, what impact - if any - do they have on the banking sector?

I never understood why business people would think tariffs are a good idea....they tend to always result in a recession. Not good for anyone.