On Wednesday JPMorgan Chase & Co. reported strong third-quarter earnings as its thriving investment banking business more than offset the rising loan losses about which the bank has warned that the bank that would continue for the foreseeable future.
$3.59 billion profit to JPMorgan
JPMorgan, has reported a $3.59 billion profit but it has also said that it roughly doubled the amount of money that has been set aside by the bank for failed home and credit card loans in the quarter.
Loan losses continues to rise
It has been predicted by the banks for some time that their loan losses would continue to rise. And in JPMorgan’s earnings statement, it has been confirmed by the CEO Jamie Dimon that this trend continues.
Investment bank net income
JPMorgan said that its investment bank net income came to $1.92 billion, this has been raised up $1 billion from a year earlier as fixed income trading thrived.
