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Article: Investment banking profits double at JP Morgan.
- Article from:
- Financial News
- Article date:
- July 16, 2003
CopyrightCOPYRIGHT 2003 Financial News Publishing Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jeremy Adams in New York
A surge in trading profits helped JP Morgan to double profits in its investment banking division, as earnings for the bank rose nearly 80%.JP Morgan recorded second-quarter profits of more than $1.8bn ([euro]1.6bn), a 78% increase on the same period last year. Like many competitors, fixed income trading played a key part in the resurgence.
Trading revenues rose from $731m in the second quarter last year to $1.48bn. Revenue from securities gains was also up sharply and the bank reaped record revenues in its consumer finance division.
Investment banking revenues were flat but profits were up more than 100% to ...