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JPMorgan’s quarterly profit surges 52% on robust consumer business

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JPMorgan’s solid performance follows the high-profile shutdowns of three U.S. lenders last month in the worst banking turmoil since the global financial crisis of 2008

Regulators took control of Silicon Valley Bank and Signature Bank as depositors yanked their funds, marking the second and third largest collapses in U.S. history.

Revenue at the lender’s consumer and community banking unit rose 80 per cent to $5.2-billion. Its Wall Street investment banking business was weighed down by tepid markets for mergers, acquisitions and stock sales.Your Globe

 

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