JP Morgan Chase reported second quarter results. Profits were up 36% from a year earlier and 27% better than the first quarter. Not only that but its “net revenues” were a record.
Bank results are interesting to track right now because they are a snapshot of what is happening at the consumer level. Bank results include what is happening in terms of foreclosures, credit card payments, etc. JP Morgan reported that loan losses continue to climb. Additionally, despite low interest rates not much refinancing is occurring. Also, the recession and unemployment fears are muting credit card spending. All of that said, the results in these business lines was better for JP Morgan in the second quarter than a year ago. In other words, things are starting to improve out there.
Jason
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