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Jp Morgan Chase Shows 33% Rise Amid Signs That Us Economy Is 'healthy And Getting Stronger'

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JP Morgan Chase, America’s largest bank by assets, surpassed expectations with its quarterly profits today, booking a 33 per cent rise as chief executive Jamie Dimon spoke of “positive signs” that the world’s largest economy is “healthy and getting stronger.”

iThe bank, which has faced intense scrutiny and criticism for the so-called “London Whale” trading debacle last year that left it nursing a massive $6bn-plus loss, said net income for the first three months of 2013 had climbed to a record $6.5bn, against $4.9bn in the corresponding period last year. While that was well ahead of expectations, JP Morgan’s revenues were slightly short of market hopes, coming in at $25.8bn. Analysts had expected around $600m more in revenues, which would have brought the figure closer to the $26.8bn result seen last year.

JPMorgan's main businesses lukewarm in first quarter

JPMorgan Chase & Co posted higher first-quarter profit on Friday as it spent much less money on mortgage-related litigation, but most of its major businesses turned in tepid performances, and the bank's overall revenue declined.

The results reflected the pressure the largest U.S. bank is under, even as it recovers from the disastrous "London Whale" trading losses that cost more than $6 billion (3.9 billion pounds) last year. Many of the gains came from accounting judgments rather than increased customer demand. JPMorgan shares dipped 0.2 percent to $49.21.

Interesting contrast between the headlines. The Indy all positive and Reuters much more neutral.

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  • 239 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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