JPMorgan Chase reports booming second quarter

JPMorgan Chase & Co. posted a 36% jump in second-quarter profit today easily surpassing Wall Street expectations as strength in its core consumer and investment banking businesses offset a jump in credit losses.
JUL 16, 2009
JPMorgan Chase & Co. posted a 36% jump in second-quarter profit today easily surpassing Wall Street expectations as strength in its core consumer and investment banking businesses offset a jump in credit losses. The New York-based banking giant, the second big financial institution in a week to release upbeat earnings news, reported net income of $2.72 billion, or 28 cents per share, up 36 percent from $2 billion, or 53 cents per share, a year earlier. Revenue rose 39% to $25.62 billion from $18.4 billion. &Copy;Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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