JP Morgan Chase is far ahead of his rivals – but the bank is still running with an eye on its competition.
In the first half of the year, the market value of JP Morgan reached About $ 800 billionMore than the market values of its rivals Citygroup ($ 168 billion), Bank of America ($ 344 billion), And Wales Fargo ($ 260 billion) Joint. In the same period, the bank raised the profit at $ 30 billion.
On Wednesday Bloomberg Report, jpmorgan market price was capable of reaching high levels as it benefited get First Republic Bank in May 2023. Acquisition made the bank even bigger and more powerful, making it done Largest bank In America $ 3.9 trillion In assets at the time of writing.
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Meanwhile, JP Morgan’s contestants are facing unique difficulties. For example, the growth of Wales Fargo in recent years has been limited by an asset cap, or the development ban imposed on the bank by the Federal Reserve In 2018Which limits the total assets of the bank to $ 1.95 trillion. This action was in response to a scam related to the construction of the bank Fake customer accounts To meet sales goals. Federal Reserve Finally Picked asset cap Last month.
Citygroup, meanwhile, has been in the middle of an important, Multi-Arab-Dollar Tech overhaul For the purpose of improving the Legacy software system, and the Bank of America has suffered losses It can be the top in $ 100 billion On its bond portfolio.
Nevertheless, JP Morgan CEO Jamie Dimon “bus is not ready to announce the victory,” stating that the bank’s rivals are acquiring land.
“All our major bank contestants are growing and expanding,” Dimon said. An earning call On Tuesday. “We are very cautious just to declare victory, as we are entitled to these returns forever.”
JP Morgan CEO Jamie Dimon. Photographer: Patrick Bolger/Bloomberg through Getty Image
JPMorgan reported the results of its second quarter on Tuesday, marking the sixth consecutive quarter Expected more than Earning. Revenue for the quarter was $ 44.9 billion, which was more than a revenue of $ 43.8 billion Analysts expectedThe income of the bank’s net interest income, or the income from loans and other products after payment was $ 23.3 billion, which was 2% year-on-year, while a whole was pure income $ 15 billion as a whole.
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JP Morgan’s contestants are also reporting better-preferred earnings. City on Tuesday Informed Pignal income of $ 4.02 billion from the same period of previous year, up to 25%. The same day, Wales Fargo Cross The profit estimates with a net income of $ 5.49 billion, which is before $ 4.91 billion per year.
On Wednesday, Bank of America Beet estimate On earnings, with a net income of $ 7.1 billion as compared to $ 6.9 billion before a year, but the only major American bank was Recall the mark On revenue.
Jpmorgan shares were up More than 19% year to date.
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JP Morgan Chase is far ahead of his rivals – but the bank is still running with an eye on its competition.
In the first half of the year, the market value of JP Morgan reached About $ 800 billionMore than the market values of its rivals Citygroup ($ 168 billion), Bank of America ($ 344 billion), And Wales Fargo ($ 260 billion) Joint. In the same period, the bank raised the profit at $ 30 billion.
On Wednesday Bloomberg Report, jpmorgan market price was capable of reaching high levels as it benefited get First Republic Bank in May 2023. Acquisition made the bank even bigger and more powerful, making it done Largest bank In America $ 3.9 trillion In assets at the time of writing.
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