NEW YORK, July 13 — JPMorgan Chase & Co reported a 155 per cent jump in profit today thanks to the release of loss reserves and a surge in dealmaking, even as the largest US bank suffered from a well-flagged slowdown from last year’s record-breaking trading results.
As pandemic restrictions ease and the economy normalizes, the unprecedented volatility in financial markets that boosted revenues at the bank’s trading outfit last year is also expected to drop. Analysts have pointed out that the levels of trading activity witnessed last year were unsustainable. Excluding the boost from reserve releases, JPMorgan’s net quarterly profit came in at US$9.6 billion.
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