Financial Soultions is preparing for the coming weeks financial reports from most of the U.S. top banking and financial firms, including Goldman Sachs, who has just negotiated the largest publically announced U.S. carbon deal, and Citigroup.
JPMorgan Chase & Co, though is going to be a tough act to follow, after posting quarterly profits that have shot up to a much higher than expected $3.6 billion with a surge in bond trading revenue leading the way and boosting optimism about a recovery in top Wall Street banks.
JPMorgan's results position it as one of the few banks to successfully navigate the financial crisis and come through it on a stronger footing, with the bank’s shares rising as much as 4% to a 12 month high recently, pushing the Dow Jones industrial average higher, Financial Soultions research has shown.
Investment banking profits were the bulk of the 580% growth in JPMorgan earnings, auguring well for other banking icons.
JPM also saw a profit boost from 2 wallowing businesses it scooped up last year at the height of the financial crisis, Financial Soultions understands. Both Bear Stearns and Washington Mutual Inc saw a turnaround under the investment banks flag.
The bank did however loose some money in its credit card business, prompting Chief Executive Jamie Dimon to caution that it was still too early to accept that the tide has turned on rising loan losses, during a conferences call.
Probably the largest contributor to JPMorgan's profits was bond trading, where rising asset values have aided Wall Street companies all year. Stock and bond underwriting profits also soared, reflecting the bank as the top gun in the investment bank arena.
