JPMorgan’s Bankers Notch Record Quarter on Merger Flurry
- Costs come in higher than expected as firm cites compensation
- Reserve release of $3 billion almost twice as big as predicted
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JPMorgan Chase & Co.’s investment bankers posted their best quarter ever as a record first half in dealmaking bolstered the bottom line.
Fees from advising on mergers and underwriting stocks and bonds soared 25% in the second quarter, smashing analysts’ estimates and boosting net income to $11.9 billion. The results mirrored similar gains at Goldman Sachs Group Inc., which said its investment-banking revenue jumped 36%, also topping estimates.