JPMorgan reports 6% rise in 1Q profits as bank earnings season begins. Wells Fargo profit falls

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Business

JPMorgan Chase reported a modest 6% rise in first quarter profits on Friday, as the major banks start reporting their quarter results for the first quarter.

FILE - Pedestrians approach JPMorgan Chase headquarters on Dec. 29, 2023, in New York. JP Morgan reports earnings on Friday, April 12, 2024. –

Most metrics of JPMorgan's business were solid for the quarter. While investment banking revenues were largely flat, the bank reported an uptick in activity. In the consumer bank, profits were up 6% while the bank set aside less money to cover potentially bad loans. Wells Fargo issued its first earnings report since the Biden administration eased some of the restrictions on the bank after a series of scandals.

 

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