Recovery? Maybe. Financial services giant JPMorgan Chase reported a $3.3 billion profit – a 55% jump from a year back. Analysts credit the bank’s Wall Street efforts and the improvement of the economy as the reason for the positive results.
The bank is the first of the Big Four banks to report their first-quarter results. The bank earned 63 cents a share thanks to investment banking and trading activities. The unit was responsible for $2.5 billion of the take.
Problems still hounded the bank’s other units, particularly loans and housing. However, numbers revealed that delinquencies on mortgage, auto and student loans dropped in the first quarter.
“There is a clear and broad-based improvement in economic factors in the U.S. and around the world,” said JPMorgan’s chairman and CEO Jamie Dimon.
