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JPMorgan announced that its second quarter earnings grew to $2.7 billion, from $2 billion last quarter, thanks to investment banking and stock-and-bond underwriting. The NY Times reports, "The strong showing may put to rest some worries that the bank was allowed to pay back its $25 billion taxpayer investment too early, after it passed the Treasury Department’s stress test in May. But its quick resurgence in earnings, along with Goldman Sachs’s announcement of a $3.4 billion quarterly profit on Monday, is bound to raise fresh concerns about soaring pay levels and growing clout in Washington." That and now JPMorgan CEO Jamie Dimon "has recently been driving a hard bargain over the repurchase of warrants the government received last fall." Reuters also notes that the bank "said credit quality in consumer mortgages and credit cards is deteriorating faster than it expected" and Dimon expects to compete for banking talent (hello, big salaries).
JPMorgan 2nd Quarter Profit Up 36%
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It's the same media that NEVER mentioned Muslims' hatred of Israel as a possible motive for 9/11.
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I am still confused by this "talent" of which the banks speak. All of my friends in banking make tons of money but are honestly idiots with connections and degrees from schools they got into because of a legacy. Strip away their names and connections, and most of them would barely pass an aptitude test that would qualify them to sweep floors.
Yeah, any ibanker with a brain gets the hell out after their two intro years are up.
JPMorgan & Goldman Sachs are making tons of money again. And high level people never really stopped making tons of money. It's almost as though there wasn't a real problem with the banks, except that the opportunity arose to be able to vote for billions of free dollars.
Seriously, folks, is the the American way?
Oh, right, that's why Lehman went under and a bunch of banks had to be bought out. Clearly there was never a real problem.
read this article about Goldman Sachs and please explain to me how this is the American way?
http://www.rollingstone.com/politics/story/29127316/the_great_american_bubble_machine
Are you actually trying to reply to my comment or just reposting a link? Did I say anything about the American way?
Of course, the fact that you believe Rolling Stone is a legitimate source of information about Wall Street pretty much says it all...
And what is a legitimate news source for Wall Street news? WSJ? CNBC? Please. Those "news" sources have been shown to be the shams that they are, always in bed with the companies they supposedly report on. Report a negative story about IBM, Amex, 3M, etc.? There goes your advertising dollars and "insider access".
Rolling Stone may be a rag, but it's as much of a rag as any other magazine or journal these days.
JPMC didn't need a bailout. They never got sucked into the mortgage disaster. They accurately predicted that it would be a disaster. The only reason they took the money was because the FED didn't want to single out all of the banks that were struggling through TARP fund acceptance, and asked several financial institutions to accept bailout money to cover up who was actually hurting.
Which makes it all the more funny that Bernanke is parading around these banks who have paid back the money they never needed as a sign of the bail out working and economic recovery.
Our economy is nuts.
JP annouced months ago they were moving most of thier IT to India - so who makes the money? the ceo, the executives, perchance some shareholders...in the long american govt is letting big business loot the country...
It's clear a lot of people here have never taken a course in banking or economics. JP Morgan is the Federal Reserve in plain clothes.
Nah the FED isn't as big as JPMC
Yeah but some of the people who run JP Morgan are the same people running the Federal Reserve.
Also JP Morgan knew for years what was going to happen, they have what other banks don't have (inside info if you will).