JPMorgan Chase Exceeds Forecasts : Financial bank

Category Finance | Thursday, July 15th, 2010

After powering ahead for the last year on the strength of its Wall Street trading operations, JPMorgan Chase said its net income rose about 77%, to $4.8 billion, from $2.7 billion during the comparable period a year earlier. Earnings rose to $1.09 a share, from 28 cents.
Revenue declined to $25.6 billion, in the second quarter, from $27.7 billion in the quarter a year ago.
The results, which topped of analysts’ expectations of 70 cents a share, bring the start of a rush of quarterly results from major banks over the coming week. Citigroup and Bank of America are scheduled to report second-quarter results on Friday, with Goldman Sachs, Morgan Stanley and Wells Fargo to follow next week.

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