Friday, July 16, 2010

JPMorgan Announces Profits of $4.8 Billion


"JPMorgan Chase & Co. said Thursday its second-quarter net income soared 77 percent to $4.8 billion as a slowdown in losses from failed loans helped offset a difficult spring in trading and investment banking.
The strong results offered hope that loan losses at the nation's big banks may have peaked in the first half of 2010, a critical step before banks can become stronger and boost lending to consumers and small businesses.

JPMorgan Chase, the first of the big banks to report earnings for the April-June period, easily surpassed analysts' expectations as it earned $1.09 a share, up 28 cents a share from a year earlier. Analysts had forecast a profit of 67 cents per share in the just-ended quarter. Net revenue, however, fell nearly 8 percent from a year ago to $25.6 billion".

From: http://news.yahoo.com/s/ap/20100715/ap_on_bi_ge/us_earns_jpmorgan_chase

It looks like the banks might be rebounding nicely and hopefully we can get out of this debt crisis and back to normal.

I know many people that are worried about their mortgages, and hopefully with the banks recovering we can get some money moving in the terms of business loans. If this happens more businesses might be willing to take on more risk and will hopefully be profitable. More profit turns into more market share and and thus these businesses will need more workers.

Unfortunately only time will tell if this comes to fruition, but I hope people are able to find jobs and be able to support their lives. 

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