JPMorgan Chase & Co. reported third-quarter profit rose 4%, boosted by strong trading results as global markets recovered from their coronavirus-induced plunge.
The New York-based lender, the largest in the U.S., earned $9.44 billion, or $2.92 per share, outpacing the $2.23 that analysts surveyed by Refintive were expecting. Revenue slipped 0.2% to $29.94 billion, still higher than the $28.29 billion analysts anticipated.
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The investment banking business “continues to be a big driver of firm performance with markets revenue up 30% and global investment banking fees up 9%,” JPMorgan CEO Jamie Dimon said in a statement.
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Markets revenue totaled $6.6 billion as equity trading grew 32% while