JP Morgan beats estimates on trading boost, braces for rising defaults

Topics JP Morgan | Coronavirus | US economy


JP Morgan Chase & Co beat Wall Street estimates for profit in the second quarter due to a surge in trading revenue, while it set aside a record $10.5 billion to brace for rising defaults as the United States slides into one of the worst recessions in decades.

The biggest US lender's loan loss provision reflects the damage wreaked by the coronavirus pandemic, but its performance in markets bodes well for trading powerhouses Goldman Sachs and Morgan Stanley, both of which report later this week.   JP Morgan's.

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