JP Morgan Chase profits exceeds expectations
Wall Street banking giant JPMorgan has today posted better-than-expected first quarter profits of $3.3 billion (£2.1 billion), compared with $702 million a year ago – when the world was gripped in the midst of the financial crisis.
The results boosted bank stocks with the FTSE gaining 42 points to 5,804 – just a few points short of the 22-month intra-day high on Monday.
Today’s figures from JP Morgan have also raised hopes that other lenders will report healthy results over the next week.
JPMorgan, which is the second-biggest bank on Wall Street, said its results were driven by its investment bank.
Jamie Dimon, JPMorgan’s chief executive, said: “While the economy still faces challenges, there have been clear and broad-based improvements in underlying trends.
“We believe these improvements will continue and are hopeful they will gather momentum, resulting in a strong recovery,” he added.