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 arrived Approximately $ 800 billionIts rival City Group (more than market values (8 168 billion), Bank of America (4 344 billion), And Wells Fargo (0 260 Billion) During the same period, the bank increased its profit of $ 30 billion.
According to a Wednesday Bloomberg Report, JP Morgan Market managed to reach value heights as it benefited Receive First Republic Bank in May 2023. This acquisition made the bank even larger and more powerful, which allows it to The largest bank In the United States 9 3.9 trillion In the assets when writing.
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 is limited by an asset cap, or the Federal Reserve is banned from growth on the bank. In 2018Which limits the bank’s total assets to 95 1.95 trillion. This action was in response to a scandal included in the bank formation Fake Customer Accounts To meet the sales goals. Federal Reserve Finally The asset picked the cap Last month
Meanwhile, the City Group has been in the middle of an important, Multi Billion Dollar Tax Over Hall With the aim of improving the Legacy Software System, and the Bank of America has suffered losses This billion can be on top of 100 billion 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 banks are growing and spreading,” said Damon. A income call On Tuesday, “We’re just cautious to declare victory, as we are entitled to return to them forever.”
JP Morgan CEO Jamie Demon. Photographer: Getty Images via Patrick Balliger/Bloomberg
JP Morgan reported his second quarter results on Tuesday, identifying the sixth consecutive quarter. Stronger than expected Income for the quarter was $ 44.9 billion, which exceeds $ 43.8 billion in income Analysts expected. 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. Tuesday, City Reported Last year, 25 % more than the same period, net income of $ 4.02 billion. On the same day, Wells Fargo Went ahead Profit is estimated with a net income of $ 5.49 billion, which is more than 91 4.91 billion a year ago.
On Wednesday, Bank of America Estimate On income, annually.1 with a net income of $ 7.1 billion compared to 7.9 billion, but only a big US bank Miss the mark On tax
JP Morgan’s shares ended More than 19 % Year by history.
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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 arrived Approximately $ 800 billionIts rival City Group (more than market values (8 168 billion), Bank of America (4 344 billion), And Wells Fargo (0 260 Billion) During the same period, the bank increased its profit of $ 30 billion.
According to a Wednesday Bloomberg Report, JP Morgan Market managed to reach value heights as it benefited Receive First Republic Bank in May 2023. This acquisition made the bank even larger and more powerful, which allows it to The largest bank In the United States 9 3.9 trillion In the assets when writing.
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