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JPMorgan’s Record Trading Helps Ease the Pandemic’s Toll

  • Fixed-income revenue doubles as traders seize on market swings
  • Bank sets aside record $10.5 billion for future loan losses
Bloomberg business news
JPMorgan Beats on Fixed Income, Equities in Second Quarter
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JPMorgan Chase & Co.’s results were one more marker of the disconnect between ebullient markets and concern about the U.S. economy.

The biggest U.S. bank said second-quarter profit fell 51% to $4.69 billion, a smaller drop than forecast, as record trading revenue helped counter the biggest loan-loss provision in the firm’s history. It’s the second consecutive quarter that trading set a record, as the bank’s Wall Street unit is helping prop up a consumer-lending division struggling with business closures and swelling unemployment rolls.