JPMorgan posts rare profit miss as dealmaking, bond trading lose momentum
· Business · Reuters, Economic Times
JPMorgan Chase reported a rare earnings miss for the second quarter, with profit falling 6.6% to $13.15 billion as investment banking and fixed-income trading revenues declined. The bank recorded a 35% drop in dealmaking income and a 23% decline in bond trading revenue, despite a 13% increase in net interest income. Total revenue edged down 4% to $42.7 billion.
Why it matters
The profit miss signals weakness in Wall Street dealmaking and trading activity that could ripple into tighter credit conditions, affecting Indian corporates relying on overseas financing and global risk appetite.
Read the original report — Reuters
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