- JPMorgan Chase's profit rose in the second quarter, buoyed by rising investment banking fees and an $8 billion accounting gain from a share exchange deal with Visa.
The bank benefited from a plan to exchange some of its shares in Visa, the world's largest payment network. Wall Street banks are also seeing an uptick in fee income from advising on M&A deals as companies become more confident on the U.S. economy's ability to avoid a major downturn.JPMorgan's investment banking fees grew 50%, higher than an earlier company prediction of 25% to 30%.
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