JPMorgan and Goldman surprise

Smile Aleksandra P

An upside surprise.

JPMorgan said second-quarter profit beat estimates as fixed-income trading revenue fell less than expected.

Bloomberg News reports that net income dropped 7.9% to $5.99bn from $6.5bn, a year earlier, the firm said Tuesday in a statement. 

Quarterly results may take a back seat to questions today about the health of Chief Executive Officer Jamie Dimon, 58, who said July 1 that he would soon undergo radiation and chemotherapy for throat cancer. While Dimon said his prognosis is excellent and he’ll be able to work during his eight-week treatment, the announcement raised fresh questions about succession planning at the bank he’s run since 2006.

In the meantime, Bloomberg also reports that Goldman Sachs, which set a Wall Street record for trading revenue in 2009, also reported earnings that topped estimates on a smaller drop in fixed-income revenue than many analysts projected.

Second-quarter net income rose 5 percent to $2.04 billion from $1.93 billion a year earlier, the firm said today in a statement. 

JPMorgan Profit Tops Estimates on Better-Than-Expected Trading

Goldman Sachs Beats Estimates on Fixed-Income Trading


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