JPMorgan just posted a record $33.8 billion in second-quarter revenue.
are looking especially smart. JPMorgan's corporate and investment bank posted a record $5.5 billion profit for the second quarter, which is more money than most entire banks typically generated before the coronavirus pandemic.
JPMorgan traders exceeded expectations that were already heightened for the quarter after management said in late May that markets revenue was headed for a 50% increase. That figure jumped by 79% to a record $9.7 billion, driven especially by strong fixed income trading. Investment banking revenue climbed 91% to $3.4 billion on record advisory fees as big corporate clients tapped debt and equity markets at a furious pace to build cash positions amid the uncertainty of the pandemic.
Meanwhile, JPMorgan's retail banking division posted a $176 million loss, compared with a $4.2 billion profit a year earlier, driven by the addition of reserves in credit cards and other products. It was a similar story at the firm's commercial bank, which posted a $691 million loss, compared with a $1 billion profit a year earlier.
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