JP Morgan Chase is far ahead of its rivals – but the bank is still running a race.
In the first half of the year, JP Morgan’s market value reached about $ 800 billion, which is more than market prices jointly by its rival City Group (8 168 billion), Bank of America ($ 344 billion), and Wells Fargo ($ 260 billion). In the same period, the bank increased its profit of $ 30 billion.
According to a Wednesday Bloomberg The report, JP Morgan Market, managed to reach the value heights as it benefited from the acquisition of the First Republic Bank in May 2023. This acquisition made the bank even more powerful, which made it the US’s largest bank with assets worth $ 3.9 trillion in the United States.
Related: JP Morgan will fired Junior Bankers on a joint practice, which CEO Jamie Demon has called ‘immoral’.
Meanwhile, rivals of JP Morgan have faced unique difficulties. For example, in recent years, the development of Wells Fargo has been restricted by an asset cap, or the Bank’s growth ban by the Federal Reserve in 2018, which limits the bank’s total assets to 1.95 trillion. The action was in response to a scandal involved in the formation of fake customer accounts of the bank to meet the sales targets. The Federal Reserve finally lifted the asset cap last month.
Meanwhile, City Group has been an important, billions of dollars in the middle of the technical boundaries, which aims to improve the Legacy software system, and the Bank of America has suffered the loss that can be at the top of the Billion in its bond portfolio.
Nevertheless, JP Morgan’s CEO Jamie Demon is not ready to “declare victory only”, and indicating that the bank’s rivals are coming.
“All our major bank rivals are growing and spreading on a earnings call on Tuesday,” said Damon on Tuesday. “We’re simply careful to declare victory, as we somehow are entitled to return to them forever.”
JP Morgan CEO Jamie Demon. Photographer: Getty Images via Patrick Balliger/BloombergJP Morgan reported its second quarter results on Tuesday, identifying the sixth quarter of the expected income more expected. The income reported for the quarter were $ 44.9 billion, which is more than $ 43.8 billion in revenue by analysts. The bank’s net interest income, or the income from loans and other products after paying interest was $ 23.3 billion, which is 2 % higher by year, while the overall net income was $ 15 billion.
Related: JP Morgan Chase says that AI can reduce the head council by 10 % in some divisions: ‘We will provide more’.
JP Morgan’s rivals are also reporting better income than expected. On Tuesday, City reported a net income of $ 4.02 billion, up 25 % over the same period last year. On the same day, Wells Fargo increased the profits estimates beyond net income of $ 5.49 billion, which was $ 91 billion a year ago.
On Wednesday, the Bank of America defeated the revenue estimates, with a net income of $ 7.1 billion, while it was $ 9.9 billion a year ago, but it was the only US bank that lost the tariff.
JP Morgan’s shares were over 19 % of the year.
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JP Morgan Chase is far ahead of its rivals – but the bank is still running a race.
In the first half of the year, JP Morgan’s market value reached about $ 800 billion, which is more than market prices jointly by its rival City Group (8 168 billion), Bank of America ($ 344 billion), and Wells Fargo ($ 260 billion). In the same period, the bank increased its profit of $ 30 billion.
According to a Wednesday Bloomberg The report, JP Morgan Market, managed to reach the value heights as it benefited from the acquisition of the First Republic Bank in May 2023. This acquisition made the bank even more powerful, which made it the US’s largest bank with assets worth $ 3.9 trillion in the United States.
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