:JPMorgan Chase & Co beat analysts’ profit estimates on Wednesday, thanks to record revenue in some investment banking businesses and a sunnier economic outlook that allowed the largest U.S. bank to release money it had set aside for potential loan losses during the coronavirus pandemic.
"We don’t know the future any better than you do,” JPMorgan CEO Jamie Dimon said on a call with journalists. “What we really want is good growth right now. These are great numbers. By the end of 2022, people are forecasting 4per cent unemployment, wages are going up, jobs are plentiful. Getting out of COVID, we should all be thanking our lucky stars."
JPMorgan's shares fell nearly 2.6per cent Wednesday, after touching an all-time high last week of US$171.51, suggesting investors may be taking profits. Shares of other major banks Citigroup, Goldman Sachs, Morgan Stanley, Well Fargo & Co and Bank of America Corp fell between 0.2per cent and 1.7per cent.
During the quarter, JPMorgan maintained its position as the second-biggest provider of worldwide M&A advisory after Goldman Sachs Group Inc, based on fees, according to Refinitiv. The bank maintained its guidance that it sees net interest income for the year to come in around US$52.5 billion. The lender’s Commercial Banking operation reported an 8per cent increase in net revenue, to US$2.5 billion, while Asset & Wealth Management reported a 20per cent rise to US$4.3 billion.
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