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JP Morgan Builds Financial Cushion as Dimon Warns of Uncertainty
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American bank JP Morgan Chase achieved a 9% year-on-year increase in revenue and a 12% increase in net profit in the third quarter of this year. The growth was mainly due to better results in the investment banking segment, also due to higher fees, the bank announced today, according to the French news agency AFP.
The financial institution plans to hire more bankers and invest up to ten billion dollars in American companies in the near future
JP Morgan builds financial cushion as Dimon warns of uncertainty
JP Morgan has bulked up its financial cushion against loan losses as chair Jamie Dimon warns of heightened risk and global uncertainty. The lender set aside an additional $810m (£610.2m) to cover potential losses from unpaid loans. This defensive money consisted of $608m earmarked for consumer loans – such as credit cards and mortgages – and $205m for wholesale loans – loans to large businesses. This increased its total pool for potential bad de…
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